LONDON, September 10: Brent crude remained above $100 per barrel on Thursday as escalating tanker attacks and sharply reduced shipping through the Strait of Hormuz intensified concerns over global oil supplies.
Brent Rises Above $101
Brent crude futures climbed to around $101.61 per barrel, while US West Texas Intermediate traded near $96.54. Oil prices have risen nearly 30% since early August as markets price in the risk of a prolonged Middle East conflict.
Hormuz Traffic Drops to Seven Ships
Only seven commodity vessels crossed the Strait of Hormuz on Wednesday, down from 12 a day earlier and well below the recent average.
The strait normally carries about 20% of global oil and gas flows, making the disruption a major threat to energy markets.
Tanker Attacks Raise Supply Fears
The latest price surge follows Iranian attacks on ships near Hormuz after the US sank five Iranian oil tankers, adding to concerns that commercial shipping could face further disruption.
Continued fighting and attacks on regional energy infrastructure could keep crude prices elevated and increase global inflation pressure.
source – Reuters
Supreme News Network
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