Oil prices rose sharply on Thursday as fresh attacks on commercial vessels in the Gulf of Oman and the Red Sea intensified concerns over supply disruptions, while a major oil spill off Oman’s coast continued to spread through protected marine areas . Brent crude futures were trading at $88.80 per barrel, while West Texas Intermediate (WTI) crude futures stood at $82.95 per barrel, reflecting the market’s heightened anxiety over energy security in the region .
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The latest escalation follows a missile attack on an Abu Dhabi National Oil Company (ADNOC) vessel transiting the Strait of Hormuz, with the UAE condemning what it described as a hostile Iranian attack . ADNOC has confirmed that 15 of its vessels have been targeted by missiles and drones since the conflict began, with three attacks occurring this week alone, resulting in one crew member dead and 20 injured . The developments have further undermined diplomatic efforts to reopen the strategic waterway, through which approximately 20% of global oil production transited pre-war .
