Brent Oil Tops $100 as US-Iran War Shows Little Sign of Abating
Brent crude rose above $100 a barrel as attacks and shipping disruptions in the Strait of Hormuz tightened global supply, analysts said.
- On Wednesday, Brent crude oil prices reached $100.96 when markets opened, marking the first time the global benchmark topped $100 since July as fighting escalates in the Iran war.
- Since the U.S. war with Iran began on February 28, global oil prices have risen sharply after Iran shut down the Strait of Hormuz, where roughly a fifth of the world's oil passes through.
- Analytics firm Vortexa reports oil on ships at sea has declined by more than 150 million barrels since mid-July, while Russell Hardy, chief executive officer of Vitol Group, said on Tuesday about 10 million barrels a day cross the waterway—roughly half of pre-war levels.
- A pickup in Chinese crude purchases has bolstered market gauges to their strongest levels in weeks, while Kuwait Petroleum Corp. is sending tankers through the strait whenever it is safe, an official said Wednesday.
- Brent is up around 65% this year, threatening inflationary costs for global central bankers as Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets, warns that global inventories continue deteriorating amid Houthi attacks on Saudi facilities.
29 Articles
29 Articles
Military actions by the United States and Iran are increasing concerns about supply disruptions.
Oil Smashes Past $100 As Tanker Clashes Ignite Fears Of A $120 Spike - Tampa Free Press
Global oil prices breached $100 per barrel on Wednesday morning for the first time since late July, driven by an escalating military standoff between the United States and Iran around the Strait of Hormuz. The benchmark Brent crude surged after a violent weekend across key Middle Eastern waterways. On Saturday, U.S. forces struck three Iranian […] Oil Smashes Past $100 As Tanker Clashes Ignite Fears Of A $120 Spike
Gold Nears $4,403 as Oil Tops $100 on Iran Tensions
Gold and silver rose in early trading Wednesday as investors sought safety amid escalating US-Iran tensions, even as oil’s surge past $100 a barrel and elevated Treasury yields worked against the metals. Spot gold traded near $4,417.87, up 1.46%, while spot silver was at $67.37, up 2.46%, according to Wednesday’s market pricing. Oil spike and a weaker dollar support metals Brent crude was trading at $100.72 a barrel, while WTI crude had risen to…
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