Commodities
Home›Commodities›Energy›Oil rises toward $100 as Red Sea tanker attacks spread…
Oil rises toward $100 as Red Sea tanker attacks spread from Iran
Brent futures climbed about 3.7% to around $97.45 a barrel, while West Texas Intermediate jumped as high as $89.85, the highest in more than a month.
Oil prices rose toward the $100 level after attacks on tankers in the Red Sea followed US and Iran-related military activity, tightening traders’ view of supply risk along key export routes, the Guardian Business reported. Brent crude futures rose about 3.0% to as high as $97.45 a barrel, and West Texas Intermediate climbed about 4.0% to $89.85, its highest level in more than a month.
The coverage pointed to a growing backlash from the US war in Iran, saying the US launched a 12th consecutive night of strikes while Iran-aligned Houthis in Yemen attacked Saudi Arabian oil tankers. Those attacks raised concerns about disruption to another global oil export route in addition to the already-stressed region around the Middle East.
Online trading platform Saxo said the attacks prompted more vessels to divert from the Bab el-Mandeb strait, creating what analysts describe as a “two-chokepoint problem” for oil. The other chokepoint referenced was the strait of Hormuz, which Iran has effectively closed to apply economic pressure.
The Guardian Economics noted the market reaction as traders weighed the risk that conflict-related shipping disruptions could persist. The outlet framed the moves as part of an escalation that kept oil supported near $100 rather than pulling back.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%