Oil prices rise to $105 amid Middle East tanker attacks

Oil prices surged on Tuesday after a series of attacks on oil tankers in the Middle East intensified, prompting concerns over supply disruptions in a region already vulnerable to geopolitical tensions. Brent crude rose by more than $5 per barrel, while U.S. West Texas Intermediate gained roughly $4.50, marking the sharpest single‑day increase in two weeks. The incidents, reported near the strategic Strait of Hormuz and the Red Sea, involved missile and drone strikes attributed to Houthi rebels in Yemen, who have previously targeted commercial shipping linked to the conflict in Ukraine.

Industry analysts noted that the heightened threat to maritime routes could tighten global oil supplies, especially as inventories in major consuming nations remain low. The International Maritime Organization confirmed that several vessels were damaged, though no major spills were reported. OPEC+ officials warned that continued instability might force the cartel to reassess output policies, while traders indicated that price volatility is likely to persist until the security situation stabilizes.