Brent crude oil prices climbed to $117 per barrel as of 2:15 pm WAT on Friday, October 30, as renewed security concerns in the Strait of Hormuz and continued attacks on Saudi Arabian infrastructure heightened fears of further disruption to global oil supplies.
The price increase followed an incident involving a tanker sailing out of the strategic waterway, where explosive devices attached to its hull triggered blasts and a fire in the engine room, according to the United Kingdom Maritime Trade Operations (UKMTO).
The maritime agency, which is affiliated with the Royal Navy, said it received a third report on Thursday concerning an outbound tanker that caught fire about 25 nautical miles northeast of Khasab, Oman, in the Strait of Hormuz.
In a subsequent update, UKMTO said it had received verified information confirming that the crew was safe and the incident had caused no environmental impact.
According to the agency, a small boat approached the tanker on its port side and attached two explosive devices to the vessel’s hull above the waterline. The resulting explosions caused a fire in the engine room and temporarily disabled the ship.
UKMTO later reported that the fire had been extinguished and the tanker was continuing towards its next port of call. The agency did not identify the vessel in the information provided.
The incident came as Iran’s Islamic Revolutionary Guard Corps (IRGC) disputed U.S. claims that its forces had cleared the main shipping routes through the Strait of Hormuz of mines.
The IRGC claimed on Thursday that four tankers had struck mines in the waterway. Its spokesman, Hossein Mohebi, argued that the situation in the strait was determined by developments on the ground, in the air and at sea rather than statements on social media or what he described as U.S. media messaging.
The conflicting accounts have added to uncertainty over the safety of commercial shipping through the strait, a critical route for international oil and gas shipments.
Oil prices also drew support from continued Houthi attacks on Saudi Arabian infrastructure, adding to concerns about the security of energy facilities and transportation routes across the Middle East.
Brent crude was on course for a fourth consecutive monthly gain as traders assessed the risk of further escalation involving Iran. Market concerns also included the possibility of renewed confrontation after the November 3 U.S. midterm elections.
The latest rise to $117 per barrel reflects growing concern over regional security and potential supply disruptions. However, the reported tanker incident and the competing claims over mines in the Strait of Hormuz do not, by themselves, establish the extent of any actual interruption to global oil supplies.