Brent Holds Above $100 as Hormuz Tanker Traffic Hits Two-Month Low
Crude oil prices were on course to book a weekly gain earlier today amid a flurry of tanker attacks in the Strait of Hormuz—and outside it, too. Reports citing President Trump as saying productive talks were being held with Iran failed to allay concerns driving the benchmarks higher. At the time of writing, Brent crude was trading at $102.83 per barrel, with West Texas Intermediate at $90.33 per…
Crude oil prices surged earlier today, nearing a weekly increase, as tanker attacks rose in both the Strait of Hormuz and the surrounding area. President Trump's alleged talks with Iran did little to ease worries, with Brent crude reaching $102.83 per barrel and West Texas Intermediate at $90.33 per barrel, both slightly lower from the market open but higher than this week's opening prices.
Analysts noted that tanker activity through the Strait of Hormuz had plummeted to its lowest level in two months due to ongoing attacks, with only seven vessels passing through on Tuesday—this being the fewest since late July. Iran had attacked a tanker off the Gulf of Oman, while the U.S. intensified sanctions on Iran, targeting individuals, tankers, and networks for their alleged involvement in the attacks.
Amidst these events, a significant shortage of tankers emerged due to the soaring freight rates in the Persian Gulf, leading to higher physical delivery oil prices.
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