Oil Prices Climb on Middle East Supply Fears

Brent crude rose above $110 a barrel Wednesday as shipping attacks and strikes in the region heightened concerns over supply disruptions.

• Brent futures rose 1.3% to $110.2 a barrel and West Texas Intermediate gained 1.32% to $99.11 on Wednesday.
• Ship-tracking firm Kepler reported at least 18 attacks on ships over the past two weeks.
• The Houthis announced Monday strikes on Saudi Arabia targeting an Aramco site in Yanbu, the Shaybah field, and airports in Riyadh and Abha.
• Foreign Minister Abbas Araghchi said Tehran has received no response from Saudi Arabia or the Houthis to its offer to mediate talks to end the fighting.
• Goldman Sachs said Tuesday that global crude shipping rates remain seven times higher than a year ago and unlikely to fall while Middle East conflict persists.
• The International Energy Agency projected global oil demand to decline 2.6 million barrels per day due to high fuel prices.
• The US Energy Information Administration raised its fourth-quarter 2026 Brent forecast to $105 per barrel.