Tanker attack in Strait of Hormuz sends oil prices higher

According to the United Kingdom Maritime Trade Operations (UKMTO), a tanker passing through the strait was targeted with explosives mounted on a small boat. No group has claimed responsibility for the attack, but the incident has renewed concerns over the security of energy shipments in the region. Brent crude futures for December delivery rose 1.04% to $116.08 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 1.34% to $103.37 per barrel.

As the U.S. and Israel's war against Iran enters its eighth month, supply risks continue to weigh heavily on global energy markets. Claims by Yemen's Houthi group that it carried out attacks on Saudi Arabian oil facilities have also supported the rise in prices. Brent crude is expected to end October with a gain of approximately 11%, while WTI is on track to rise around 14%. The possibility of disruptions to shipping through the Strait of Hormuz poses a significant risk to oil supplies and global inflation, with investors closely monitoring diplomatic developments and reports of further attacks in the region.