Oil prices rose on Wednesday 14 October as reports of attacks on ships in the Strait of Hormuz heightened concerns about supplies from the Middle East. According to Euronews, Brent and US WTI crude futures were both up 0.5% in early European trading. Meanwhile, European gas prices remained close to their highest level in four years.
Euronews, citing Reuters, reported that Iran had allegedly attacked two ships in the Strait of Hormuz. This was a news agency report, rather than an account presented as officially confirmed by the authorities. The report did not specify when the attacks took place: Wednesday’s date refers to the market reaction.
Brent futures — contracts for future deliveries of the crude oil — were trading at $106.24 a barrel that morning. WTI stood at $94.64. These figures reflect a particular point in the trading session, not closing prices or the cost of fuel at petrol stations.
Market concerns extended beyond shipping in the Strait of Hormuz. According to Euronews, an escalation in the conflict between the Houthis and Saudi Arabia posed an additional threat to oil supplies. Concerns about supply security do not, however, mean that deliveries have been interrupted or that the strait has been closed.
On the gas market, futures at the Dutch TTF trading hub, a benchmark for European gas prices, were quoted at just over €86 per megawatt-hour on Wednesday morning. That was below an earlier peak of €87.44 but, as Euronews reported, still close to the highest level in four years.
For energy consumers, the distinction between wholesale market prices and retail costs matters. The morning’s rise reflects the market’s response to fears over supplies; on its own, it does not determine changes in petrol prices or household energy bills.
