Brent crude oil prices climbed above $110 per barrel as escalating Middle East tensions and attacks on oil tankers heightened concerns about global energy supplies.
At the time of press, Brent was trading at around $111.80 per barrel, up approximately 2.78 percent, while US West Texas Intermediate (WTI) crude rose to $99.41, gaining 2.33 percent.
The price surge reflects growing uncertainty over oil shipments from the Persian Gulf, particularly through the Strait of Hormuz, a critical route for global energy trade as recent tanker attacks had disrupted regional flows.
Iran has intensified counterattacks around the Strait of Hormuz, warning that vessels violating its restrictions could be prevented from passing and that any fresh US attack would trigger retaliation against American bases and regional allies.
Reuters reported on October 14 that two vessels had sunk near the waterway after being hit by projectiles in separate incidents, underscoring the expanding danger to maritime traffic.
Meanwhile, Yemen has intensified attacks on US-Saudi assets in the region, widening the risks around a second critical maritime chokepoint, the Bab el-Mandeb Strait, which connects the Red Sea with the Gulf of Aden.
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