Oil prices climb on Hormuz attacks, Iran's new maritime tactics

Oil prices advanced on Wednesday after two vessels came under attack in the Strait of Hormuz and Iranian officials said that Tehran was introducing new tactics to target ships, seeking to keep crude prices elevated and influence the US midterm elections. Brent crude futures gained 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while US West Texas Intermediate (WTI) crude futures rose 66 cents, or 0.7%, to $94.80 a barrel, Reuters reported. Both benchmarks had climbed by more than $1 earlier in the session before trimming their gains. Iranian officials declined to disclose details of the new strategy. However, one official said Tehran had begun employing different offensive tactics against vessels it considered to be violating its restrictions around 10 days ago, leading to an increase in attacks on those ships. RECOMMENDED STORIES Missile strike hits Saudi Aramco administrative building as Houthi attacks escalate Iran executes man convicted of armed attacks in Kerman Yemen cholera cases triple in three weeks as fighting intensifies UK security chief flags risks from Russia, Iran and AI On Tuesday, the United Kingdom Maritime Trade Operations (UKMTO) reported that a container ship and a tanker had been struck by unidentified projectiles in the Strait of Hormuz. Elsewhere, Iran-aligned Houthi forces attacked an administrative building belonging to Saudi state-owned oil company Saudi Aramco in Dhahran, causing a limited fire, Saudi Arabia's Energy Ministry said Wednesday. Over the past week, the group has launched ballistic missiles and drones at Saudi Arabia in retaliation for Riyadh's support for Yemeni government forces. The Saudi capital's international airport has been struck four times, with an attack on Saturday killing 13 people. Last month, Saudi Arabia increased oil production despite disruptions to shipments caused by the US-Iran war. This contributed to a sharp rise in output from OPEC+, the Organization of the Petroleum Exporting Countries and its partners, including Russia, OPEC said Tuesday. Meanwhile, the Russian government said Tuesday that it saw no direct connection between peace negotiations with Ukraine and its agreement to export diesel to the United States. The statement followed a Reuters report that US envoys had told Ukrainian officials on Friday that the deal formed part of an effort to bring Russia back to negotiations aimed at reaching a peace settlement. News.Az By Nijat Babayev