Brent tops $112 after Hormuz ship attacks stoke supply fears

Brent crude oil prices rose above $112 per barrel on Thursday for the first time since May, as escalating Middle East tensions heightened fears of global supply disruptions. Brent futures hit $112.50 in early trading before easing to $111.95, while West Texas Intermediate climbed nearly 2.4% to around $99.50. The surge followed reports that multiple ships caught fire in the Strait of Hormuz overnight, with Iran intensifying attacks on commercial shipping in the strategic waterway. Iran's navy said it struck four vessels and that three others burned after hitting mines, while also warning of broader responses targeting US regional bases. US crude inventories fell by 3.06 million barrels, more than expected, adding to supply concerns. Saudi Arabia faces renewed security worries as Saudi Aramco reportedly ordered evacuations at its Dhahran headquarters after recent attacks, including a deadly strike on Dammam airport. Analysts said diplomatic efforts to ease tensions lack credibility, with no de-escalation expected before the US midterm elections, keeping oil prices elevated.