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Middle East tensions push oil prices higher amid Gulf disruptions
Oil climbed as worries about supply disruptions increased, alongside reports of deadly attacks on vessels in the Gulf of Oman and Red Sea.
CNBC World reports that oil prices rose as market participants grew more concerned about potential supply disruptions tied to heightened tensions in the Middle East.
The latest move came amid news of deadly attacks on vessels in the Gulf of Oman and the Red Sea, which added to fears that shipping routes and regional production could be disrupted.
CNBC World also cited an oil spill near Oman as a further factor that worsened conditions in the region.
Overall, the development reinforced the energy market focus on logistics and physical supply risk in the Gulf and adjacent waterways.