Oil prices rise as attacks dent hopes for Strait of Hormuz reopening

What the report says

Oil prices climbed on Wednesday as renewed attacks on shipping in the Middle East weakened expectations that the Strait of Hormuz could soon reopen. According to Al Jazeera, Brent crude rose more than 2 percent overnight and was trading at $89.61 a barrel around 03:00 GMT, extending gains that have lifted prices over the past week. The report said the benchmark is now about 24 percent higher than before the war between the US and Israel on Iran began in late February.

The article linked the move to fresh violence around key waterways. Yemen’s internationally recognised government accused the Iran-aligned Houthis of killing six people in missile strikes on a commercial vessel in the Bab al-Mandeb strait on Tuesday, while US Central Command said later that day it attacked and disabled a Panama-flagged cargo ship after it tried to break a US blockade of Iranian ports.

Diplomatic signals around Hormuz were mixed. Qatar’s foreign ministry said talks between Oman and Iran on the strait were advanced, but Iranian officials said the issue remained tied to broader demands, including sanctions relief and war reparations. President Donald Trump also said the United States had total control over the waterway, though traffic remained far below normal.

The report noted that the Strait of Hormuz carried about one-fifth of global oil supplies before the war, and that maritime traffic has fallen sharply since then. Analysts cited by Al Jazeera said uncertainty is keeping a risk premium in oil prices, with Brent supported in the $85-90 range unless diplomacy makes clear progress.