Oil climbs as tankers are attacked in Iraqi waters amid Middle East war

Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil ​tankers amid other global supply disruptions from the US-Israeli war on ‌Iran. Brent futures rose $5.69, or 6.19%, to $97.67 a barrel at 0118 GMT, and U.S. West Texas Intermediate (WTI) crude was up $5.11, or 5.86%, to $92.36. Two foreign tankers carrying Iraqi fuel oil were ​hit by unidentified attackers in Iraq’s territorial waters, causing them to catch ​fire, the director general of the General Company for Ports, Farhan ⁠al-Fartousi, told Reuters on Wednesday. An initial investigation from Iraqi security officials showed explosive-laden ​boats from Iran had hit the two tankers. “This appears to mark a direct ​and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” said Tony Sycamore, an IG analyst.