Oil prices surge over 2% on M.East shipping attacks, U.S. Gulf coast disruptions

Oil prices rose sharply on Thursday following reports of more attacks on commercial shipping in the Middle East, while markets also braced for supply disruptions from adverse weather along the U.S. Gulf coast.

Crude largely rose past the International Energy Agency vowing to release more stockpiled oil, while other data showed an unexpected contraction in oil inventories.

Brent oil futures for December rose 2.1% to $102.34 a barrel by 00:30 ET (04:30 GMT), while West Texas Intermediate crude futures for November rose 1.8% to $89.87 a barrel.

Hormuz transits hit 2-mth low after Iran ups attacks- report

Vessel transits through the Strait of Hormuz slid to an over two-month low amid increased Iranian attacks on tankers in the waterway, Reuters reported, citing shipping data from analytics firm Kpler.

Iran was seen ramping up attacks on shipping in Hormuz over the past week, with Tehran reiterating that the waterway remained closed amid a prolonged standoff with the United States.

The UK Maritime said on Wednesday evening that a tanker was struck by multiple projectiles just north of Qatar, with casualties reported from the incident.

Iranian attacks on tankers hit their highest level last week of any week since the U.S.-Iran war began, with the increased offensive coming shortly after shipping through Hormuz briefly hit pre-war levels in September.