Oil prices rose amid ongoing tensions in the Middle East, with Iran's Revolutionary Guards saying naval mines had blocked three tankers in the Strait of Hormuz.
01Summary
- 01Brent crude futures rose 1.22% to $110.13 per barrel.
- 02Iran's Revolutionary Guards said mines had halted three tankers at an unauthorized crossing in the Strait of Hormuz.
- 03Yemen's Houthi militants claimed responsibility for attacks on Saudi Aramco facilities.
- 04The global average crude freight rate has surged above $20 per barrel, compared with $3 a year earlier.
- 05Goldman Sachs warned high shipping costs could widen price differences between crude grades and push up refined fuel prices.
02Why it matters
Rising oil prices and shipping costs affect global energy markets, potentially increasing fuel costs for consumers and squeezing refiners' profits.
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