Oil prices experienced a notable increase on Wednesday, with Brent crude trading at $100.07 per barrel, reflecting a 1.6% rise. This spike followed reports of gunfire attacks on at least three container ships in the Strait of Hormuz, a vital waterway for global oil transport. The situation escalated as Iran imposed restrictions on shipping in response to US-Israeli military actions, further complicating the geopolitical landscape. Earlier, US President Donald Trump announced an indefinite extension of a ceasefire with Iran, although it remains unclear if Iran or Israel will agree to this truce. The Strait of Hormuz has historically facilitated about 20% of the world’s oil and liquefied natural gas supplies. Additionally, the US Energy Information Administration is expected to release inventory data, which could confirm a decline in crude oil inventories by 4.5 million barrels, indicating a tightening market. Analysts suggest that if confirmed, this could signal increased demand from consumers in Europe and the Far East seeking to secure oil supplies amid ongoing tensions.