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Iran Uses New Tactics to Target Ships
The increase in oil prices came after attacks on ships in the Strait of Hormuz, where Iran has been exploiting new tactics to target vessels in order to maintain high prices and influence the U.S. elections. Iran has succeeded in escalating the attacks over the past roughly 10 days on ships deemed to violate its restrictions, leading to a rise in Brent futures to $106.03 and West Texas Intermediate to $94.42. The United Kingdom also condemned the attacks on ships within the strait, while Saudi Arabia announced an attack by Houthi militants on oil installations, responded to with support from Iran. This has heightened tensions in the region and increased concerns about their potential impact on the global oil market.
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