Ammon News - Oil prices climbed on Wednesday after two vessels were struck ‌in the Strait of Hormuz and Iranian officials told Reuters they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high and influence the US midterm elections.

Brent crude futures rose 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while US West Texas ​Intermediate crude futures gained 66 cents, or 0.7%, to $94.80 a barrel. Both contracts rose more than $1 in earlier trade ​before paring some gains.

The Iranian officials declined to provide details of the new strategy, but one ⁠said that Iran had started using different offensive tactics against vessels it considered in violation of its restrictions about 10 ​days ago, adding that this had led to an increase in attacks on such ships.

A container ship and a tanker were ​hit by unknown projectiles within the Strait of Hormuz, the United Kingdom Maritime Trade Operations said on Tuesday.

"Supply concern stemming from conflict between ​the Houthis and Saudi Arabia ​is driving prices higher," said ⁠Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, a unit of Nissan Securities.

"However, the expectation that increased Russian diesel exports will ease market tightness is likely to limit sharp price movement ​in either direction," Kikukawa said, projecting WTI to trade between $90 and $100 a barrel.

Last month, Saudi ​Arabia raised oil ⁠production despite disruptions to shipments caused by the US-Iran war. That led to a sharp production increase from OPEC+ — the Organization of the Petroleum Exporting Countries and partners including Russia — OPEC said on Tuesday.

Reuters