Oil prices rise after attacks and seizures of ships crossing Hormuz

Oil prices rose this morning as market concerns persisted over ship attacks and seizures despite Iran saying ​about 30 vessels had passed through the Strait of Hormuz, ‌while the US and Chinese presidents were set for a second day of talks in Beijing.

Brent crude oil futures rose 60 cents, or 0.57 per cent, to $106.32 a barrel ​by 0100 GMT, while US West Texas Intermediate futures were ​up 54 cents, or 0.53 per cent, to $101.71.

Yang An, analyst at Haitong Futures, said the main driver of oil prices was still tight supply.

"Oil prices ​swung several times ​yesterday but still ⁠closed near the day's high," he said.…