📈 Global Oil Prices Rise Amid Hormuz Vessel Attacks

Overall Figures: Brent crude futures rose $0.63 (0.6%) to $106.32/barrel, while US WTI crude gained $0.66 (0.7%) to $94.80/barrel following attacks on two vessels in the Strait of Hormuz. Both benchmarks briefly surged over $1 earlier in trading. • Key Drivers: Iranian officials reported implementing new offensive tactics targeting transit vessels, leading to an increase in strikes—including hits on a container ship and a tanker—to maintain high global oil prices. • Regional Escalation: Houthi forces launched missile and drone attacks targeting a Saudi Aramco administrative facility in Dhahran, alongside striking Riyadh's international airport four times over the past week. • Supply Balance: Production increases by OPEC+ and expected Russian diesel exports are projected to cap extreme price movements, keeping WTI estimated to trade between $90 and $100 per barrel. • Macro Impact: High energy benchmarks pose external cost pressures on energy-importing economies dependent on standard supply chains, like crude oil & petroleum imports.