Oil prices climbed Wednesday as traders weighed fresh threats to Hormuz shipping and drone attacks on Saudi Arabia against a recovery in regional exports. Brent crude added 1.3% to $110.19 a barrel; WTI rose 1.2% to $98.97. Iran's Revolutionary Guard said two tankers hit mines south of the strait. The Saudi-led coalition reported intercepting drones aimed at the Eastern Province. Diplomatic channels remain open via Qatar. Middle East oil flows have surpassed prewar levels, with 40% of Gulf shipments now bypassing Hormuz via pipelines, according to Kpler and WSJ. However, refined-product exports lag, and the IEA sees tight diesel supplies persisting into 2027.
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