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Brent crude rose above $101.5 a barrel on Wednesday for the first time since May, driven by escalating US-Iran tensions. US officials reported that Iran attempted to attack Navy ships on Monday after targeting an aircraft carrier with ballistic missiles over the weekend, in a previously undisclosed wave of attacks. Meanwhile, Iranian state media said a US missile targeted a small oil tanker four miles from Kharg Island on Tuesday. The war broadened this week after Iran-backed Houthi militants attacked several energy facilities in Saudi Arabia, forcing a temporary halt to some operations. The attacks came after the US military struck three Iranian oil tankers on Saturday in retaliation for Iranian ballistic missile attacks on two Navy warships. Adding to upwards pressures on prices, US crude inventories fell by 0.3 million barrels last week. Meanwhile, Ukrainian drones hit infrastructure in Novorossiysk, Russia’s key oil terminal in the Black Sea, on Wednesday.

Brent crude rose above $101 a barrel on Wednesday for the first time since May, driven by escalating US-Iran tensions and stronger Chinese oil demand. The US military said it had destroyed five Iranian tankers carrying crude following attempts to strike a US Navy warship with ballistic missiles. Iran, meanwhile, claimed to have attacked two American vessels and eight oil tankers in the Gulf, while warning shipping crews near Kuwaiti and Bahraini ports to abandon their vessels. The escalation has heightened concerns over further disruption to global oil supplies, particularly around the Strait of Hormuz. Iran-backed Houthi militants also targeted energy infrastructure in southern Saudi Arabia, including the 400,000-barrel-a-day Jazan refinery. Meanwhile, purchases from China supported prices for African, Canadian and Latin American crude as the country restocks its dwindling oil and fuel inventories after limiting imports of more expensive product this year due to the war in Iran.

Brent crude rose above $99 a barrel on Wednesday, reaching its highest level in nearly seven weeks and approaching the key $100 threshold after Iran said it had struck two American vessels and eight oil tankers in the Gulf. The escalation heightened concerns over further disruptions to global oil supplies. Tehran also launched ballistic missiles toward Jordan and warned vessels in the Persian Gulf, urging tanker crews near Kuwaiti and Bahraini ports to “immediately abandon their vessels.” The latest attacks followed US strikes on five Iranian tankers near Kharg Island, the Islamic Republic’s main oil export hub. Elsewhere, Iran-backed Houthi militants targeted energy infrastructure in southern Saudi Arabia, including the 400,000-barrel-a-day Jazan refinery. Meanwhile, stronger Chinese oil demand is lifting prices for African, Canadian and Latin American crude as disruptions in the Strait of Hormuz push refiners to seek alternative supplies from more distant markets.