Oil prices climbed on Wednesday, October 14, 2026, after two vessels were struck in the Strait of Hormuz.
Iranian officials also disclosed that they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high and influence the United States midterm elections.
Brent crude futures rose 34 cents, or 0.3%, to $106.03 a barrel by 0630 GMT, while US West Texas Intermediate crude futures gained 28 cents, or 0.3%, to $94.42 a barrel.
Both contracts had climbed more than $1 in early trade.
The Iranian officials declined to provide details of the new strategy, but one told Reuters that Iran had started using different offensive tactics against vessels it considered in violation of its restrictions about 10 days ago, adding that this had led to an increase in attacks on such ships.
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The United Kingdom Maritime Trade Operations revealed on Tuesday that a container ship and a tanker were hit by unknown projectiles within the Strait of Hormuz.
The head of market insights at Phillip Nova, Priyanka Sachdeva, said: “The fact that Iranian officials are openly admitting to undermining US efforts to keep oil prices under control speaks volumes about the real intentions behind the so-called ‘peace talks.
“Iran is well aware of its geographical importance and the havoc higher oil prices can inflict on the global economy, and it may not shy away from using this leverage.”
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