Brent hits six-week high as Hormuz risks escalate
BRENT crude held above US$97 a barrel on Tuesday, hovering at a six-week high as renewed US-Iran fighting and mounting tensions over the Strait of Hormuz fuelled fears of further disruption to Middle East energy supplies. Oil prices surged nearly 10%...
Brent crude surged to a six-week high of over US$97 a barrel on Tuesday, amid escalating US-Iran hostilities and heightened tensions over the Strait of Hormuz. The strategic waterway, through which millions of barrels of crude and refined products pass daily, saw renewed attacks from both sides, targeting ships and military vessels.
Iran announced an agreement with Oman to manage shipping through the Strait, fueling concerns over Tehran's growing influence. Despite damage from recent attacks being limited, markets remained uneasy about potential disruptions to Middle East energy supplies. The US dollar index also rose slightly, buoyed by strong US employment data and expectations of an upcoming Federal Reserve interest rate hike. Investors are now watching for US inflation data to gauge the Fed's monetary policy stance.
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