Crude oil prices rose on Wednesday while Asian stock markets fell, as warnings about attacks on oil tankers near the Strait of Hormuz fueled concerns over the security of oil shipments from the Middle East and West Asia.
Reports citing the UK's maritime trade operations said Iran had stepped up attacks on oil tankers in the area. The warnings heightened market anxiety over the flow of supplies through the strategic waterway.
Market concerns over oil shipments
The rise in oil prices reflects worries that tensions around the Strait of Hormuz could threaten shipments through a key route for regional oil supplies. The concerns also weighed on Asian equities, which fell on Wednesday.
Markets remain focused on the security of tanker traffic through the strait as reports of increased attacks draw attention to potential supply risks.
