On September 9, 2026, an Iranian medium-sized oil tanker waits off the coast of Bandar Abbas in the Strait of Hormuz in Hormozgan province, Iran.
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Oil prices were mixed on Wednesday as concerns over supply disruptions in the Middle East kept markets on edge, as oil tanker attacks near the Strait of Hormuz and attacks on Saudi energy facilities soured sentiment.
brent crude oil futures It added 3 cents to close at $108.82 per barrel. West Texas Intermediate Oil prices fell 67 cents to settle at $97.15 per barrel.
Brent crude oil price this year
Iran’s Revolutionary Guards said on Tuesday that three tankers attempting to transit the Strait of Hormuz on a route deemed unauthorized by Tehran were intercepted by mines.
“Two breaching oil tankers were set on fire and shut down due to the explosion of mines placed at illegal crossing points in the southern Strait of Hormuz by the brave sailors of the Revolutionary Guards Navy,” the Revolutionary Guards said in a statement posted on the official Sepa News website.
Adding to regional concerns, Yemen’s Houthi militants on Monday claimed responsibility for attacks that targeted Saudi Aramco facilities in Yanbu, the Shaybah oil field, and airports in Riyadh and Abha.
Rising tensions are also pushing up the cost of transporting oil around the world, putting further pressure on energy markets.
Average global oil freight rates have soared from just $3 a barrel to more than $20 a barrel, according to a report released Tuesday by Goldman Sachs. Although interest rates have fallen slightly in recent days, they are still about seven times what they were a year ago.
Goldman estimates that the war risk premium associated with crossing the Strait of Hormuz accounted for about $7 of the $20 year-over-year increase in average crude oil freight rates, with ship-to-ship transfers outside the Persian Gulf contributing an additional $4.
The investment bank warned that rising transportation costs could widen price differentials between crude grades, squeeze refiners’ profit margins and ultimately push up refined fuel prices.
Analysts at Goldman Sachs said: “High freight rates are particularly weighing on Asian refineries’ net profits, threatening refined product output and potentially increasing global refined product prices.”
