Rising international oil prices as a result of the Red Sea and Gulf of Oman attacks

On Wednesday, oil prices rose as the attacks on the Red Sea and the Gulf of Oman exacerbated concerns about the supply of global shipping routes. The Brent crude oil futures rose by 1.24 per cent to US$ 90 per barrel for US$ 1.3 per cent for Western Texas medium crude oil futures and US$ 84.3 per barrel. An Iranian-backed Al-Houthi rebel attack on a cargo ship in the Bab al-Erdeb Strait killed six people, the first reported death in more than a year of Red Sea shipping. The United States military subsequently fired a missile at a container vessel that was trying to break the blockade on Iranian ports. These events highlighted the impact of the war on key shipping routes, despite diplomatic efforts to demonstrate progress towards reopening the Strait of Hormuz. José Torres, Senior Economist of the Interact Brokering Company, stated that, despite possible agreements between the United States and Iran, concerns about oil supply in the Middle East remained。