NEW YORK: Oil prices settled up nearly 5% on Wednesday as fresh attacks on ships in the Strait of Hormuz worsened supply disruption fears, and analysts said the International Energy Agency's proposal for a record release of oil reserves is inadequate to ease those worries. Three more vessels have been hit by projectiles in the Strait of Hormuz, maritime security and risk firms said on Wednesday. President Donald Trump has said the United States is prepared to escort tankers through the Strait of Hormuz when necessary. Oil prices also shrugged off a US government report that showed crude oil stockpiles in the top oil-producing country had grown more than expected last week. Energy consultancyWood Mackenzie said the war is currently cutting Gulf oil and oil products supply to the market by some 15 million barrels per day, which could raise crude prices to US$150 per barrel.

Source: The Star March 12, 2026 00:59 UTC