Brent crude oil rises above $100 a barrel as Middle East conflict intensifies
By Anushree Mukherjee and Robert Harvey Sept 9 (Reuters) - Brent crude futures breached $100 a barrel on Wednesday for the first time since July 24 as escalating attacks in the Middle East, including on tankers, stifled hopes of a normalisation of oil shipping in the region. The move brought futures prices into line with physical crude and fuel markets, where prices have already been trading…
Brent crude oil prices surged above $100 a barrel on Wednesday for the first time since late July, as the Middle East conflict intensified. The U.S. and Iran resumed strikes on tankers in the Strait of Hormuz, threatening to further disrupt Middle East energy supplies. Brent crude futures climbed $3.40, or 3.5%, to $101.32 a barrel, while U.S. West Texas Intermediate crude rose $3.45, or 3.7%, to $96.48 a barrel.
This marks the highest daily percentage gains since September 1. The attacks have raised concerns about supply risks, with shipping volumes through the Hormuz Strait falling below pre-war levels. Experts warn that these attacks could lead to tighter supplies and higher fuel prices, with refined fuels like gasoline and diesel already trading above $100 a barrel.
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