After falling sharply at the start of the week, international oil prices rebounded on Wednesday. Investors are closely monitoring the situation surrounding the reopening of the Strait of Hormuz, as well as new developments in the Red Sea.
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Brent crude, the main benchmark for the global market, rose by 1.3% to around $80 per barrel. At the same time, US West Texas Intermediate (WTI) crude gained 0.6%, trading near $76 per barrel.
The upward trend emerged even though US President Donald Trump said an agreement to reopen the Strait of Hormuz could be made public soon. However, Iranian state media have expressed skepticism about the possibility of an immediate reopening.
Attention has also focused on Bab al-Mandeb, one of the most important maritime routes for oil shipments. The Iran-backed Houthi rebels have warned that they could disrupt navigation through the strait, heightening fears over global supplies.
Experts say that any disruption to maritime traffic through the Red Sea would limit Saudi Arabia’s alternative options for exporting oil and place additional pressure on markets.
Meanwhile, the Houthi rebels said they had struck a Saudi oil tanker in the Red Sea. Indian authorities also announced that an Indian-flagged vessel was attacked and sunk off the coast of Yemen, deepening uncertainty along one of the main arteries of global trade.
