Oil Rises as Middle East Supply Fears Escalate on Tanker Attacks, Houthi Strikes

Oil prices rose Wednesday as traders weighed escalating Middle East supply risks, including Red Sea shipping threats and attacks on Saudi oil infrastructure. Brent crude futures gained 85 cents, or 0.78%, to $109.64 per barrel as of 0022 GMT, while U.S. West Texas Intermediate crude rose 76 cents, or 0.78%, to $98.58 per barrel. Iran's Revolutionary Guards Navy said a supertanker caught fire after striking a sea mine south of the Strait of Hormuz, according to Iranian media. At least 18 vessel attacks were reported over two weeks, shiptracker Kpler said. The Houthis on Monday claimed responsibility for attacks on a Saudi Aramco site in Yanbu, the Shaybah oilfield and airports in Riyadh and Abha. Brent settled down 76 cents, or 0.69%, at $108.79 on Tuesday after touching a five-month high of $111.99. The expiring November WTI contract settled down $1.87, or 1.8%, at $101.79. U.S. crude stockpiles were expected to have fallen about 800,000 barrels in the week ended October 16, a Reuters poll showed.