Global oil prices rose on Wednesday, with Brent crude climbing to $106.37 per barrel and West Texas Intermediate (WTI) reaching $94.72 amid renewed concerns over escalating tensions involving Iran and the Strait of Hormuz.
Iranian officials told Reuters that the country’s forces planned to expand strikes in the strategic waterway using new tactics. Iran has also warned the United States that it could respond preemptively to any perceived threat of renewed attacks on its territory. Meanwhile, Israeli media reported that Prime Minister Benjamin Netanyahu had urged US President Donald Trump to restart attacks before the November midterm elections, although Trump reportedly made no firm commitment to resume hostilities.
Phillip Nova analyst Priyanka Sachdeva said Iran could use its strategic position in the Strait of Hormuz to keep oil prices elevated and increase pressure on the global economy. However, ING commodity analysts said Saudi Arabia’s planned expansion of its East-West pipeline could ease prices by adding 1.2 million barrels per day of capacity within months. Uncertainty remains over how much additional oil can reach global markets amid risks to tanker shipments.
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