Brent crude futures held above $103 per barrel on Wednesday after rising more than 3% in the previous session, underpinned by ongoing hostilities in the Middle East and uncertainty surrounding the Strait of Hormuz. Iranian state media confirmed the death of Ali Larijani, secretary of the Supreme National Security Council and a key figure in the country’s wartime leadership. Iran has intensified attacks on regional energy infrastructure this week, including strikes targeting Saudi Arabia’s eastern province. Meanwhile, US allies have rebuffed President Donald Trump’s call for support in safeguarding commercial shipping through the Strait of Hormuz. Trump later dropped efforts to rally partners for the war with Iran and criticized allied nations. Still, Iran has permitted safe passage for some vessels through the narrow waterway depending on their affiliations.