Oil rises 0.5% to $85.34 as Hormuz attack fears grow

Oil edged higher in early Asian trading as fresh security incidents around the Strait of Hormuz, a critical global oil shipping chokepoint, deepened concerns about supply disruptions. Front-month WTI crude oil futures rose 0.5% to $85.34 a barrel at 2351 GMT. Iran fired two ballistic missiles toward the Strait of Hormuz on Tuesday, triggering air defenses in the U.A.E., according to the country’s Ministry of Defense, which said the missiles targeted maritime traffic before falling into the sea. Separately, an Iranian attack on Tuesday struck the engine room of a bulk carrier in the strait east of Oman. ANZ Research analysts said renewed attacks in the Middle East raise the prospect of ongoing disruptions to supply.

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