Iran Reportedly Attacked Shipping Navigation Systems in Oman. Oil Prices Are Climbing.

Oil prices are climbing on Wednesday after a report detailed that Iran attacked shipping navigation systems in Oman in the Strait of Hormuz.

Brent crude, the international benchmark, gained 1.03% and clocked in at $92.43 per barrel at 2:38 p.m. ET, while West Texas Intermediate, the U.S. benchmark, edged up 0.33% and stood at $86.32 at the same time.

Low-intensity hostilities continue in the meantime. Treasury Secretary Scott Bessent was moved from his Washington D.C. home to a military base over Iranian threats on his life, according to another report.

Citing people familiar with the matter, The New York Times noted that the decision was made after officials concluded that plots to target current and former officials reached a more advanced stage.

The outlet went on to note that Bessent's leading role in "Operation Economic Outcast," which seeks to put intense pressure on the Iranian economy through sanctions and other measures, has placed him as a top target.

Tehran has been feeling the pressure. Iranians could face significant gas shortages this winter as the operation and the U.S. blockade of the country's ports continue.

Government spokesperson Fatemeh Mohajerani said the issue resulted from underlying economic problems and wartime conditions. "The country is not in a 'no war, no peace' situation; it is in a fully wartime situation, "Mohajerani claimed.

Secretary of State Marco Rubio confirmed on Tuesday that the U.S. will continue its economic pressure campaign against the country, which consists of the naval blockade and sanctions, and there is no need to return to combat operations because of its success.

"The economic pain that ​is being inflicted on Iran right now is extraordinary and it ​compounds. It's growing every day," Rubio said, noting that regional allies have confirmed the assessment.

Trump said last week that it will take decades for the Iranian economy to recover from damages sustained in the war, even if it ends now. Speaking to press at the Oval Office, Trump said he believes it will take Iran "25 years to rebuild the country."

The Treasury Department also claimed in a recent report that the economic pressure campaign against Iran is achieving its goals.

"Bessent is telling the President the economic pressure campaign is working and that things are getting worse in Iran and that this could further destabilize the regime and push the Supreme Leader to agree to a deal," an official told the outlet.

To back up the claim, the report notes that the Iranian currency, the rial, has lost about a quarter of its value since the campaign began in August. Moreover, annual inflation reached 90% last month, compared to 35% in early 2025. As for oil exports, Iran has not managed to load tankers since late August and has already sold what it had at sea.