Oil prices rise after Iran deploys new tactics to target ships in Strait of Hormuz
Oil prices climbed Wednesday after Iranian officials admitted deploying new tactics to target vessels struck in the Strait of Hormuz.
Market reaction to attacks
Brent crude futures rose 63 cents to reach $106.32 a barrel by 0345 GMT. US West Texas Intermediate crude futures gained 66 cents to hit $94.80 a barrel. Both contracts increased more than one dollar in earlier trade before reducing some of those gains.
Details on the incidents
A container ship and a tanker were hit by unknown projectiles within the Strait of Hormuz. United Kingdom Maritime Trade Operations reported these strikes occurred on Tuesday. Iranian officials stated they began using different offensive tactics against vessels violating restrictions about 10 days ago.
Iranian statements on strategy
Officials declined to provide specific details regarding the new strategy used against shipping lanes. One official noted that these actions led to an increase in attacks on such ships. Tehran seeks to keep oil prices high and influence US midterm elections.
2 outlets, different leads
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Business Recorder
Oil prices climb as Iran deploys new tactics to target ships transiting Hormuz
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BOL News
Oil prices rise after vessels struck in Strait of Hormuz; Iran using new tactics against ships
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2 independent outlets. Headlines as published. Links open the original report.