Brent crude tops $100, WTI nears $92 amid fresh Strait of Hormuz attacks
Fresh maritime security concerns in a key global oil transit route lifted crude futures, while regional diplomatic efforts continued to stabilise tensions.
Crude oil prices surged on Friday as reports emerged of additional attacks on tankers in the Strait of Hormuz. At 9:39 am, Brent futures were trading at $100.04, marking a 1.78% increase, while West Texas Intermediate crude was at $91.69, up 1.29%. In India, November and December crude futures on MCX rose by 1.23% and 1.29% respectively, starting the day at ₹8665 and ₹8562, closing the previous session at ₹8560 and ₹8453.
The UK Maritime Trade Operations reported attacks on tankers and a tugboat in the Gulf and Strait of Hormuz since Sunday. Iran's Islamic Revolutionary Guard Corps claimed two tankers and a tugboat caught fire after trying unauthorized routes through the strait. Simultaneously, Saudi Arabia warned of potential threats near its oil export hub Yanbu amid attacks from the Houthis.
Iran's Foreign Minister Abbas Araqchi made phone calls to counterparts in Saudi Arabia and Qatar to aid regional stability.
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- Brent crude jumps, settles up over US$3 after tanker attacks businesstimes.com.sg
