Brent rises to $106 after attacks on vessels in the Strait of Hormuz — Cyprus Mail
Brent crude rose to $106.03 per barrel on Wednesday morning, while U.S. WTI reached $94.42. The increase in quotations came amid new attacks on commercial vessels in the Strait of Hormuz and Houthi strikes on facilities in Saudi Arabia, including those linked to Saudi Aramco. This was reported by Cyprus Mail.
According to Reuters, Brent recovered after falling 0.9% the previous day. Since the beginning of 2026, this grade has risen by more than 70% due to the conflict between the United States and Iran, which is affecting energy supplies and maritime shipping.
Attacks in the Strait of Hormuz
Britain's UKMTO service reported that a tanker and a container ship were struck by unidentified projectiles on Tuesday while passing through the Strait of Hormuz. Iranian officials told Reuters that Tehran changed its tactics around ten days ago and began attacking vessels more frequently that it believes are violating restrictions on passage through the strait.
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Risks have also spread to the Gulf of Oman and waters near Qatar and the United Arab Emirates. Some supertanker operators are avoiding the Persian Gulf, which could slow the recovery of oil exports and increase freight and insurance costs.
Production recovers despite risks
According to data submitted to OPEC, oil production in Saudi Arabia increased by more than 2 million barrels per day in September, to 8.372 million barrels. Total production by OPEC countries and their allies rose by around 900,000 barrels per day, to 39.07 million barrels.
At the same time, the recovery in supplies remains vulnerable due to attacks on infrastructure. The administrative building of Saudi Aramco in Dhahran was struck, causing a limited fire; there is no confirmation of disruptions to oil production or exports. Morgan Stanley raised its fourth-quarter Brent price forecast to $105 per barrel, citing limited physical supply, more expensive transportation and geopolitical risks.
