Oil price rises above $110 a barrel as Iran is accused of hitting tankers far beyond the Strait of Hormuz
The new Straits of Hormuz corridor agreed by Oman and Iran, which Iran is now accused of using as cover while striking tankers far beyond the strait, pushing oil prices above $110 a barrel.
Brent crude jumped $1.59 to $110.38 on Wednesday, while US crude climbed to $99.18. Shiptracker Kpler counted at least 18 attacks on vessels in just two weeks, with strikes now reaching the Gulf of Oman. Iran reportedly told Pakistan's army chief there would be no talks with Washington until its demands are met. Falling US crude stocks added to the pressure.
DBS energy chief Suvro Sarkar warned any peace deal 'is still very distant'.
Houthis claimed attacks on a Saudi Aramco site in Yanbu and two Saudi airports.
Trump's 100 million-barrel G7 reserve pledge was mostly a repackaged earlier commitment.
