Oil Gains as Middle East, Russia Hostilities Imperil Flows

Oil prices rose on Wednesday as hostilities intensified from Russia to the Middle East, threatening supply flows that only recently recovered to near pre-war levels.

Brent crude traded above $106 after Iran-backed Houthi rebels launched missile and drone strikes across Saudi Arabia, including a hit that damaged Saudi Aramco’s headquarters.

The attacks added to an escalation in Iranian attacks on tankers in the Strait of Hormuz, a crucial shipping lane for global oil exports.

The increased tensions in the region come as Russia’s invasion of Ukraine continues to disrupt global energy markets.

The impact on seafarers includes potential disruptions to shipping routes and increased safety concerns.