Attacks on tankers in the Middle East have intensified fears of oil supply disruptions. Although Brent gained nearly 4% and WTI rose 2.7% on Thursday, both benchmarks are still showing a sharp decline over the course of the week.

Oil prices are showing volatility. New attacks on tankers in the Middle East have heightened the threat of supply disruptions, though investors are reassessing the prospects for how the war between the US, Israel, and Iran might unfold. As a result, oil is still headed for a significant decline this week.

On Thursday, Brent crude rose by nearly 4%, while WTI gained 2.7%. The increase followed a sharp drop the previous day: on Wednesday, both benchmark grades fell by more than 8%, closing at their lowest daily level since August 31. Initially, the results of the US midterm elections had raised hopes for renewed diplomatic talks aimed at ending the conflict.

However, maritime security in the Middle East remains tense. According to the United Kingdom Maritime Trade Operations (UKMTO) center, at least five vessels have reported various incidents since Sunday. The pace of attacks is approaching October's record level, when 35 ship-related incidents were recorded.

According to Iran's Islamic Revolutionary Guard Corps, two oil tankers and a tugboat caught fire while transiting the Strait of Hormuz after using unauthorized routes.

Saudi Arabia has also issued a warning about the threat. The country's authorities pointed to possible dangers near the port of Yanbu on the Red Sea coast. Yanbu is one of Saudi Arabia's key oil export hubs. Meanwhile, Iran's ally, Yemen's Houthis, continue their attacks on the kingdom.

The increase in maritime incidents is raising the risk of oil supply disruptions, particularly given the importance of the Strait of Hormuz. A significant share of the world's oil is shipped through this route, so security concerns related to it could further intensify price volatility in the energy market.