Oil Prices Surge 6% Even as Tankers Push Through Hormuz

AI Summary

Oil prices surged by 6% amid fresh tensions in the Middle East as tanker traffic through the Strait of Hormuz continues despite overnight attacks between the U.S. and Iran. Brent and WTI futures hit $78.58 and $74.76 respectively due to fears of significant supply disruption.

Thin tanker traffic through the Strait of Hormuz continued early on Wednesday despite the fresh flare-up in the Middle East, but more vessels appear to be reconsidering moving toward the chokepoint after the U.S. and Iran traded new attacks overnight. At the time of writing, oil prices had spiked 6% on fears of a significant disruption, with Brent futures trading at $78.58 and WTI futures climbing to $74.76. Six tankers were observed to be either completing or starting to move toward the Strait of Hormuz hours after Iran attacked three vessels…