Brent crude reaches $101.34 per barrel amid escalated Iran-U.S. shipping attacks
Oil prices held steady after breaching the $100 mark as naval conflict between Iran and the United States intensified near the Strait of Hormuz.
Brent crude futures rose 0.1 percent to $101.34 per barrel on Thursday, maintaining levels above $100 as supply disruption fears deepened. Traders reacted to reports that Iran launched attacks on ten ships near the Strait of Hormuz following the U.S. sinking of five Iranian oil tankers. The Revolutionary Guard Corps indicated it would increase its response to future incidents. Brent crude previously carried roughly one-fifth of global oil and gas supplies through this waterway, where current flow remains significantly below pre-war levels. The U.S. Energy Information Administration raised its oil price forecasts for the coming year, noting that falling global stockpiles have created market pressure. Daniel Hynes, an ANZ analyst, stated in a client note that the tit-for-tat nature of the attacks suggests Persian Gulf oil flows will remain disrupted for the foreseeable future.
