Oil prices rise after reported Iranian attacks on ships in Strait of Hormuz

Oil prices climbed in early trading on Wednesday after Iran reportedly attacked two vessels in the Strait of Hormuz, using new tactics to target shipping, Reuters reported.Elsewhere, the escalating conflict between the Houthis and Saudi Arabia posed a further risk to crude supplies.Saudi Arabia said on Wednesday that an attack on an Aramco building in the kingdom's east sparked a "limited fire" and that debris from intercepted Houthi missiles wounded four people in the capital Riyadh.International benchmark Brent crude futures rose around 1% spiking above $107 a barrel early on Wednesday morning in Europe, while US West Texas Intermediate crude futures also gained 0.5% to $94.64 a barrel.Supply concerns also pushed European gas prices to a four-year high.