Strait of Hormuz traffic falls to new low as Iran-backed group kills 6 in Red Sea

Tensions surge as strategic shipping lane faces renewed threats

Brent crude rose more than 2 percent overnight into Wednesday, taking the international benchmark to close to $90 a barrel.

Brent futures fell more than 7% last week after signals from Washington suggested an agreement with Tehran to reopen the Strait of Hormuz could be close.

The Iran war showed fresh signs of dragging on Tuesday as the United States and Yemen’s Iran-aligned Houthis reported separate attacks on shipping, while Tehran warned that the strategically vital Strait of Hormuz would remain closed unless Washington agreed to its conditions for ending the conflict.