Oil prices rise amid fresh attacks on commercial vessels in Mideast

Crude oil prices edged up today (07) as fresh attacks on commercial vessels in the Middle East reignite supply worries.At 04:43 GMT, Brent crude gained by 51 cents to $72.50/barrel, while West Texas Intermediate (WTI) rose by 43 cents to $68.98/barrel.Liquefied natural gas (LNG) carrier Al Rekayyat was struck on Tuesday near the Omani coast as it exited the Strait of Hormuz, according to news agency Bloomberg citing unnamed sources.US media outlet Axios also reported earlier that two merchant vessels had been struck by Iranian missiles, without naming the ships, quoting unnamed US officials.Separately, the UK Maritime Trade Operations (UKMTO) said on Tuesday that it received a report of an incident on 6 July that a tanker cruising eight nautical miles east of Limah, Oman, was hit by an unknown projectile on the port side causing a fire.A 60-day ceasefire accompanied by reopening of the Strait of Hormuz is in effect between the US and Iran since 22 June, while the countries negotiate to end their months’ long war which started on 28 February.The fresh attacks on commercial vessels, however, underscore continued security threats in the crucial trade lane for energy and petrochemicals supplies from the Middle East and highlight the fragility of the US-Iran peace talks.– with Agencies inputs --