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Brent crude rises above $100 as Strait of Hormuz risks oil flows

Brent climbed to about $101.2 per barrel as daily Persian Gulf outflows reportedly fell to below 2 million barrels amid renewed U.S. and Iranian fighting.

Reported · Written up by our desk · Energy

For months, crude oil prices were held in check by signs of improving tanker traffic through the Strait of Hormuz, but the risk picture has deteriorated again as U.S. and Iranian fighting has intensified. OilPrice reports that escalating tensions have pushed Brent crude above $100 per barrel for the first time since late July.

The article points to changes in reported export flows from the Persian Gulf. It cites data that average daily outflows in early August were about 6 million to 8 million barrels, and that some estimates, including Rystad Energy, put late-August outflows at roughly 8 million to 9 million barrels before the conflict resumed.

As the fighting restarted, the publication says flows were slashed to below 2 million barrels daily. It also references Rystad Energy estimates that the moving average remained around 4 million to 5 million barrels, and Kpler data indicating that no very large crude carrier had exited the strait since September 2, according to the coverage cited in the piece.

In market pricing shown alongside the report, Brent was quoted at about $101.2 per barrel, while WTI traded around $97.1 and Midland at about $98.99, highlighting the move higher in benchmark crude grades tied to the Hormuz chokepoint risk.

Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%

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