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Brent Crude tops $100 as Middle East tensions rattle oil supply hopes
Brent rose 2.2% to $100.12 early Wednesday, while WTI gained 1.8% to $94.67 amid renewed U.S.-Iran hostilities.
Oil prices pushed higher early Wednesday, with Brent Crude breaking above $100 per barrel for the first time in nearly two months as Middle East tensions reduced hopes for U.S.-Iran talks and a return to normal oil flows, according to OilPrice.
In early European trade, Brent jumped 2.2% to $100.12, the highest level since July 24. The U.S. benchmark, WTI Crude, also rallied, rising 1.8% to $94.67 and moving toward $95 per barrel.
The week’s gains were linked to renewed hostilities between the United States and Iran. OilPrice cited U.S. military action that destroyed Iranian oil tankers, including five carriers announced by U.S. Central Command, with four destroyed in the Gulf of Oman and one struck near Kharg Island.
OilPrice also noted Iran’s response, including ballistic missile launches toward Jordan and warnings that vessels in the Persian Gulf could be targeted, after tensions escalated around energy infrastructure in the region.
Latest closeWTI crude $94.28 ▲3.1%|Brent $99.39 ▲3.2%