🔶 Global oil prices rise following attacks on two commercial ships in the Strait of Hormuz

🔶 Global oil prices rise following attacks on two commercial ships in the Strait of Hormuz

Global oil prices on Wednesday, 22 Mehr (October 14), rose following an attack on a container ship and an oil tanker in the Strait of Hormuz. In these transactions, Brent crude increased by 6% to $106.32, and West Texas Intermediate rose by 7% to $94.80 per barrel.

According to Reuters, the reasons for this price increase include Iranian officials’ confirmation of the use of new offensive tactics against vessels in the Persian Gulf, along with the Houthis’ attacks on Saudi Arabia and threats to the security of the Bab al-Mandeb.

Energy market analysts believe this move shows that Iran, with an awareness of its strategic position, is seeking to use the “expensive oil” pressure lever to harm the global economy and to overshadow the United States midterm elections.