Brent holds above US$100 as tanker attacks deepen supply fear
Brent prices have surged nearly 30% from lows in early August
Brent crude prices have climbed nearly 30% to above US$100 a barrel as attacks on tankers intensify supply concerns, with Iran and the United States escalating their conflict. Oil flows through the strategic Strait of Hormuz, which previously carried about a fifth of global oil and gas supplies, remain significantly below pre-war levels.
Analysts warn that the ongoing tit-for-tat attacks could keep disruptions in the Persian Gulf for the foreseeable future, as Houthi rebels affiliated with Iran intensify strikes against Saudi Arabia, affecting Red Sea crude shipments. The physical markets are tight, supported by a geopolitical risk premium, with the Brent benchmark oil price staying above US$100 per barrel since September 3, according to LSEG data.
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