Brent Oil Hits $108 Amid Hormuz Talks Delay and Houthi Attack Claims

Brent crude futures hit $108.65 per barrel during trading on Wednesday, driven by supply concerns after an attack on Saudi Arabia's energy infrastructure and the postponement of Hormuz Strait negotiations. Reuters reported Brent oil was trading at $107.61 per barrel as of 11:12 a.m. EST (8:12 p.m. KST) on Wednesday.

Oman's foreign minister announced that talks between Iran and Gulf states regarding the Hormuz Strait had been postponed. Saudi Arabia's East-West oil pipeline was temporarily halted following drone attacks, with Reuters noting it could affect up to 4% of global oil supply. The Houthi rebels claimed responsibility for missile and drone strikes on a Saudi military base in southern King Khalid, though Saudi authorities did not immediately comment on the claims.