Oil Climbs as Attacks on Hormuz Shipping Raise Supply Concerns
Brent rose 0.9% to $109.80 a barrel as attacks on vessels in the Strait of Hormuz and falling U.S. stockpiles lifted prices.
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what happened
Oil prices are rising in early European trading as ongoing attacks on ships in the Strait of Hormuz threaten crude flows. MUFG analyst Soojin Kim says the market has kept its recent gains despite headlines about diplomacy between Iran and the United States.
Brent crude is up 0.9% at $109.80 a barrel, while WTI futures gained 0.9% to $98.72. Reports citing American Petroleum Institute data, released ahead of official EIA figures later on Wednesday, show U.S. crude stocks fell by 4.9 million barrels last week, with gasoline and distillate inventories also declining.
why it matters
Disruptions to tanker traffic through Hormuz touch a large share of seaborne oil trade, so the market reacts quickly to any signal about route security. Wednesday's EIA report will test current expectations: confirmation of the drawdown would add support to prices, while a gap from the API numbers could shift trader sentiment.
market impact
Oil: Hormuz supply risks and falling inventories support Brent and WTI prices
tags
instruments
sources
- Oil Rises As Hormuz Shipping Attacks Fuel Supply Fears — Market Talk, 21 October 2026 at 07:32 UTC
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