Oil prices rose on Thursday as escalating tensions in the Middle East, including reported Houthi attacks on Saudi Arabia and Iranian actions near the Strait of Hormuz, heightened concerns about global energy supplies.
Brent crude futures increased by $1.29, or 1.2%, to $110.11 per barrel at 0034 GMT. Meanwhile, US West Texas Intermediate (WTI) crude gained 97 cents, or 1%, reaching $98.12 per barrel.
The gains followed a mixed session on Wednesday, when Brent prices closed largely unchanged, while WTI crude fell by 67 cents.
Furthermore, the US State Department ordered some diplomatic personnel and their dependents to leave facilities in Saudi Arabia amid growing security concerns. According to Reuters, Washington also planned to withdraw family members from several other diplomatic missions across the region.
Meanwhile, Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy reported that its forces struck four vessels allegedly involved in illegal oil transfers in the northern Persian Gulf on Wednesday. The vessels reportedly caught fire after being targeted.
The IRGC Navy also claimed that three additional vessels struck mines west of the Strait of Hormuz, a critical route for international oil shipments.
Moreover, Iranian naval forces warned the US military that continued provocations could trigger a broader response against American bases across the region.
Consequently, the latest developments have intensified concerns over potential disruptions to oil transportation and regional energy infrastructure. Market participants are closely monitoring the situation as further escalation could sustain upward pressure on crude prices and increase volatility in global energy markets.
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