Oil rises 1.2% to $92.58 as Middle East supply fears intensify

  • Oil prices rose in Asian trading amid concerns about Middle East supply disruptions.
  • WTI futures gained 1.2% to $92.58 per barrel.
  • Three tankers were attacked after using an unauthorized Strait of Hormuz route.

Oil prices rose in early Asian trading as concerns over further supply disruptions in the Middle East grew. ANZ Research analysts said more oil tankers were targeted by Iran over the weekend, including three attacked after using an unauthorized route through the Strait of Hormuz. The analysts also said the incidents followed U.S. attacks on three Iranian oil tankers as Washington sought to strengthen its naval blockade of Iranian ports. They said the escalation had increased the likelihood of a prolonged standoff, with calibrated military action by the U.S. and Iran. Front-month WTI crude oil futures rose 1.2% to $92.58 a barrel.

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