Oil prices surge as Iran deploys new tactics to target tankers

Business Recorder reported that crude benchmarks climbed on Wednesday, with the move tied to an assault on an administrative building in Dhahran owned by Saudi Aramco. Brent futures added 0.9 per cent, or 91 cents, to reach $106.60 a barrel by 1110 GMT, while West Texas Intermediate added $1.65 to $95.79, its strongest level in more than two weeks.

Iranian officials told Reuters that they had adopted fresh methods to hit vessels, though they gave no specifics, and one said the shift began roughly 10 days earlier. Houthi forces have launched missile and drone attacks on Saudi territory over the past week, hitting Riyadh's international airport four times, and a container ship sank south of Hormuz after striking a naval mine and catching fire.

The International Energy Agency said Russian crude production edged up by 65,000 barrels daily in September, reaching 8.43 million bpd, yet was still 870,000 bpd lower than a year earlier. It also said a shortage of working Russian refinery capacity would keep the recent loosening of diesel export curbs from materially changing the global gasoil balance, and tight diesel supply may extend into next year.