Crude oil prices climbed on Wednesday as geopolitical tensions in the Red Sea intensified following a reported attack on a Saudi-owned tanker by Yemen's Houthi rebels.
The assault, claimed by the Iran-aligned militant group, has derailed recent hopes for a de-escalation in the region and renewed concerns over the safety of critical maritime shipping lanes.
Brent crude futures rose more than 1% in the session, while West Texas Intermediate (WTI) also posted gains.
Brent crude futures rose more than 1% in the session, while West Texas Intermediate (WTI) also posted gains.
The price action reflects market anxiety that the attack could trigger broader disruptions to energy flows through the Bab el-Mandeb strait, a key chokepoint for global oil trade.
Traders are closely monitoring the incident for signs of retaliation or further escalation involving regional powers.
The development comes against a backdrop of volatile oil markets that have seen significant swings in recent weeks.