Crude oil prices rose amid the risk of further Iranian attacks in the Strait of Hormuz, with the global benchmark Brent oil trading near a five-month high level.
Brent crude futures rose 0.29% to $109.87 a barrel, while US West Texas Intermediate gained 0.24%% to $103.91 a barrel.
Iran's First Vice President Mohammad Reza Aref said that his country has “no choice” but to assert control over Hormuz to safeguard the country's security, according to a report from state-run news agency IRNA.
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Aref added the Islamic Republic could ensure safe passage through Hormuz for friendly nations but warned that “the US is now the cause of the current situation and must pay the price.”
Meanwhile, oil prices were also lifted after attacks by Houthis on a Yemeni military training camp and renewed attacks on Saudi energy, airport and military facilities.
Brent oil prices have jumped almost 80% this year as widening US-Iran war in the Middle East and the escalating Russia-Ukraine war disrupt energy supplies.
However, crude exports from the Gulf have been rising. US Energy Secretary Chris Wright told Fox News that flows had recovered to about 80% of their prewar level, although refined-product shipments remained constrained.
Iraq's oil minister said that the country's exports have exceeded 3.4 million barrels a day so far this month. Shipments are now close to prewar levels after the OPEC member offered deep discounts to regional benchmarks.
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