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Oil prices rise toward $100 amid Iran-US tensions and new attacks
Brent was last around $97.7 per barrel and WTI about $93.1, lifted by attacks affecting Saudi refining and signs that Strait of Hormuz shipping could tighten further.
Oil prices moved higher toward the $100 per barrel level as hopes for a Middle East ceasefire faded amid renewed threats between the United States and Iran, according to OilPrice.
At the time of writing, Brent crude was trading around $97.66 per barrel and West Texas Intermediate around $93.05 per barrel, after Iran warned of “economic warfare” and said it had fired a new advanced missile at U.S. warships.
Oil prices also gained support from reports of an attack on Saudi Arabia’s Jizan refinery, described as a frequent target for Yemeni forces, with daily crude capacity of 400,000 barrels, and from Iran’s plan to set up a new shipping corridor in the Strait of Hormuz.
The outlet said Iran described the response to Washington as involving a maritime exclusion zone across the Persian Gulf, and noted that analysts are starting to revise forecasts, including expectations that the crisis could extend into 2027.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%