Oil prices are climbing as concerns grow over supplies from the Middle East, where attacks on ships and energy sites are adding to nervousness in the market.
Vessels travelling beyond the Strait of Hormuz have continued to come under attack, raising the risks for shipping in the area. The strait is a key route for oil moving out of the Gulf, so any threat to ships there tends to unsettle traders who worry about whether cargoes will arrive on time.
Tensions have been stirred up further by the Houthis, who have said they were responsible for a number of assaults on Saudi installations. The claims have added to the sense that the conflict in the region is spreading and that energy infrastructure is becoming a more frequent target.
The strain is also being felt in fuel markets beyond crude. Diesel prices have surged because of shortages, and US officials are working with refiners to try to limit the effect on consumers and businesses. Diesel is widely used to move goods and power equipment, so higher costs can feed through to many other parts of the economy.
For now, the combination of attacks at sea, strikes on Saudi sites and tight diesel supplies is pushing oil higher. Traders are watching closely to see whether shipping risks ease or whether further incidents force prices up again.
The situation remains fluid, and the direction of oil prices will depend heavily on whether more vessels or facilities are hit and on how effective the efforts by US officials and refiners prove to be in easing the pressure on diesel.