FX.co ★ Brent Tops $109 Amid Escalating Middle East Tensions

Brent crude climbed back above $109 a barrel on Wednesday, erasing earlier losses in a turbulent session as attacks on shipping and energy infrastructure intensified across the Middle East. Iran’s Revolutionary Guards said naval mines had forced three tankers to halt after they attempted to use routes Tehran considers unauthorized, while the UK Maritime Trade Operations agency reported that a vessel had been struck near Oman. Despite mounting security risks, US Secretary of State Marco Rubio said shipments through the Strait of Hormuz were nearing prewar levels, and data from Kpler and Vortexa indicated that overall Middle Eastern exports have risen since the summer. Separately, Yemen’s Houthi militants claimed responsibility for attacks on Saudi Aramco facilities in Yanbu and the Shaybah oilfield, as well as on airports in Riyadh and Abha. US EIA data showed crude inventories declined by just over 3 million barrels last week, undershooting the 4.9 million-barrel draw reported in industry figures.