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Brent holds above $100 as U.S.-Iran tanker war escalates
Brent was last around $101.04 per barrel, while West Texas Intermediate hovered near $96.09, as reported tanker strikes raised concerns about Persian Gulf oil flow disruption.
Crude oil prices stayed near recent highs as the U.S.-Iran conflict escalated in the Persian Gulf, with attacks targeting tankers and concern growing over the stability of regional oil shipments, OilPrice reports.
The outlet says Iran reported strikes on U.S. warships and tankers, while the U.S. said it struck ten Iranian tankers. Iran signaled that attacks on its tankers would prompt further escalation.
OilPrice also points to a reported drone hit on a tanker carrying Iraqi crude, deepening worries about supply disruptions. Analysts cited by the outlet warned that the tit-for-tat attacks suggest Persian Gulf oil flows are likely to remain disrupted for some time.
OilPrice adds that U.S. Secretary of State Marco Rubio said that for every time Iran tries to hit U.S. naval ships, it would lose tankers, and that escalation could tighten the market further if disruptions spread to flows through the Strait of Hormuz.
Latest closeWTI crude $97.01 ▲4.3%|Brent $102.05 ▲4.2%