This photo obtained by Reuters on July 14, 2026 shows the VLCC Mobassa B (formerly known as Front Force), one of two tankers the UAE Ministry of Defense said was attacked by an Iranian cruise missile while transiting the Strait of Hormuz in Rotterdam, Netherlands, on August 18, 2024.
Edwin van Veld | via Reuters
Oil prices were little changed on Wednesday after deadly attacks on ships in the Red Sea and Gulf of Oman raised concerns about risks to global shipping lanes.
Brent crude oil futures, the international benchmark, rose 7 cents to close at $88.98 a barrel. U.S. West Texas Intermediate crude also added 7 cents, settling at $83.27 per barrel.
Iran-backed Houthi rebels attacked a cargo ship in the Bab el-Mandeb strait on Tuesday, killing six people, the first reported death toll from an attack on a Red Sea ship in more than a year.
Hours later, the U.S. military announced it had fired a missile at a container ship that it said was trying to break through Washington’s blockade of Iranian ports in the Gulf of Oman.
As diplomatic efforts to reopen the Strait of Hormuz show signs of progress, the incident highlights the growing impact of nearly six months of war on two of the world’s major shipping lanes.
José Torres, senior economist at Interactive Brokers, said concerns over oil supplies in the Middle East remain prevalent despite signs that the United States and Iran are nearing a deal over the Strait of Hormuz.
Although Pakistan has expressed optimism that the US and Iran could reach an agreement, Torres said the market was still waiting for concrete developments.
“Investors have been waiting for a deal for weeks, but at this point, yields will fall significantly and tangible progress will be needed for stock prices to rise further,” he said in a note late Tuesday. He also cited a slight rise in oil prices as evidence that supply concerns stemming from the conflict have not yet been resolved.
