Oil prices rise following Red Sea and Gulf of Oman maritime attacks

Global oil prices saw significant movement following maritime incidents in the Red Sea and the Gulf of Oman. Brent crude prices rose by 5.77% to reach $88.37 per barrel, while WTI futures also experienced a sharp increase, climbing 5.63% to $82.58 per barrel.

The price volatility follows military activity in key shipping lanes. The U.S. Central Command (Centcom) reported that a U.S. Navy MH-60 helicopter fired Hellfire missiles at the Vela Nova, a Panamanian-flagged cargo ship, after the vessel allegedly ignored warnings and attempted to violate a naval blockade near Iranian coasts.

Additionally, Houthi rebels in Yemen targeted the merchant vessel Tihama in the Bab al-Mandeb strait, resulting in four fatalities. The incident also claimed the lives of two rescuers during salvage operations. These escalations occur amid ongoing tensions and a naval blockade affecting the Strait of Hormuz.