Oil prices have climbed towards their highest levels in five months as attacks on tankers in and around the Strait of Hormuz mount and efforts to end the United States-Israel war on Iran are deadlocked. Brent crude, the international benchmark, rose by more than $2 to $110.85 a barrel on Wednesday, close to a five-month peak. A day earlier, Iran’s Islamic Revolutionary Guard Corps (IRGC) said two tankers were “set ablaze” after hitting mines at what it called an illegal crossing point in the strait. Then, on Thursday, the IRGC said it hit seven more tankers although Washington dismissed the claim. In a statement, the IRGC said four of the vessels were transferring oil when they were targeted and caught fire overnight.
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