BRENT CRUDE RISES ABOVE $101 AMID STRAIT OF HORMUZ ATTACKS

Brent crude, the international benchmark for oil prices, rose above $101 a barrel on Wednesday morning, according to market data, as tension in the Middle East outweighed an increase in supply. The rise followed a series of attacks on tankers in the Strait of Hormuz in recent days. The UK Maritime Trade Operations said it had recorded nine such incidents in the strait so far this month. Separately, a Saudi-led coalition said it intercepted and destroyed a ballistic missile launched by Houthi forces towards Khamis Mushait in Saudi Arabia.

The Strait of Hormuz is one of the world's busiest routes for oil tanker traffic, linking Gulf producers to international markets, which makes attacks there a direct influence on crude pricing. The UK Maritime Trade Operations, which tracks shipping security incidents in the Gulf, logged the nine cases this month without detailing each individual attack. The Saudi-led coalition identified Houthi forces as the launchers of the missile aimed at Khamis Mushait, a city in Saudi Arabia. The coalition said its air defences intercepted and destroyed the missile before it reached its target.

The oil price rise coincided with wider pressure in UK financial markets, with reporting on Wednesday showing the pound and UK government bonds, known as gilts, heading for a decline over the day. Rising crude prices typically raise costs for businesses and consumers reliant on oil and its derivatives. The nine incidents recorded by the UK Maritime Trade Operations this month point to a continuing pattern of attacks on shipping in the strait. The intercepted missile adds to a series of launches attributed to Houthi forces in the region.