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Oil prices rise as Iran-Hormuz tensions and U.S. supply disruptions loom

Brent crude climbed back above $100 per barrel, trading around $102.5, while U.S. Gulf of Mexico operators reportedly shut in some production ahead of a potential hurricane.

Reported · Written up by our desk · Energy

Brent crude jumped back above $100 per barrel as reports circulated of increasingly frequent Iranian attacks on tankers in the Strait of Hormuz, according to OilPrice.

The outlet also reported that U.S. Gulf of Mexico field operators began shutting in production ahead of a potential hurricane, adding to supply disruption concerns.

At the time of writing, Brent crude was trading around $102.4 to $102.5 per barrel, up about 2.2% to over 2% from Wednesday’s close, while West Texas Intermediate was changing hands near $100-plus levels, with the quoted summary stating it was around $8 higher on the day.

Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%

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