LONDON, September 11: Brent crude surged to a four-month high of $109.97 per barrel on Friday as escalating attacks across Middle East shipping routes deepened fears of prolonged disruptions to global oil supplies. Prices later eased, but Brent remained on course for a sharp weekly gain.
Brent Nears $110 After Sharp Weekly Rally
Brent jumped close to the psychologically important $110 mark after gaining more than 6% in the previous session.
Even after easing to around $106-$107, the benchmark remained more than 10% higher for the week, putting it on track for its strongest weekly rise since July.
Hormuz Traffic Remains Severely Restricted
One of the biggest concerns for oil markets is the continued disruption in the Strait of Hormuz, one of the world’s most important energy corridors.
Preliminary data showed only seven commodity vessels crossed the strait on September 10, compared with a recent 10-day average of 15 and far below pre-war activity levels. About one-fifth of global crude oil and LNG supplies normally pass through the route.
Houthi Advance Adds Red Sea Risk
Supply fears intensified further after Iran-aligned Houthi forces seized Yemen’s port of Mocha, creating fresh concerns for shipping through the Red Sea and Bab el-Mandeb.
Analysts warned that instability is no longer limited to Hormuz, increasing the risk of disruption across multiple major energy routes.
Tanker Attacks Keep Markets on Edge
The latest rally follows a series of attacks involving commercial vessels and oil tankers amid escalating US-Iran tensions.
Iran said it attacked 10 ships near Hormuz after the US struck five Iranian oil tankers, while Washington has continued to signal that military pressure on Tehran could persist.
Higher Oil Raises Global Inflation Risks
The surge in crude prices is also affecting wider financial markets. Higher energy costs have pushed global bond yields higher and revived concerns that central banks may need to maintain tighter monetary policy to contain inflation.
For oil-importing economies such as India, sustained prices near $110 could also increase import costs, pressure currencies and worsen inflation risks.
source – Reuters
Supreme News Network
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