Global oil prices have climbed to around $110 a barrel amid growing concerns over fuel supplies from the Middle East, as shipping risks in the Red Sea and fears of attacks on Saudi Arabia's oil infrastructure continue to unsettle energy markets.
Brent crude rose by $1.21 to reach $110 a barrel on Wednesday morning. At the same time, US West Texas Intermediate (WTI) crude gained more than $1 to trade at around $99 a barrel.
Oil prices had already come under upward pressure on Tuesday. During the session, Brent crude rose by 52 cents to $110.07 a barrel. On Monday, prices had reached a high of $110.70, the highest level since May. US WTI crude also climbed to around $104.03 a barrel.
One of the main factors driving the latest surge is a series of attacks on oil tankers in the Strait of Hormuz. According to data from energy market intelligence firm Kpler, at least 18 tankers have been attacked over the past two weeks. The incidents have severely disrupted oil transportation through the strategically important waterway.
Meanwhile, Yemen's Houthi group has launched further attacks against Saudi Arabia, targeting energy infrastructure, airports and military installations. The renewed tensions involving Saudi Arabia and the Houthis have added to the uncertainty surrounding regional security and intensified volatility in international oil markets.
Analysts warn that continued attacks on tankers in the Strait of Hormuz, alongside rising threats to Saudi energy infrastructure and other strategic facilities, could further disrupt global oil supplies.
If these risks persist, crude oil prices could remain under upward pressure in international markets, increasing concerns over energy costs and supply security worldwide.