$100 Crude Oil Price Breakthrough as Strait of Hormuz Tensions Escalate

Crude oil prices have broken above $100 per barrel for the first time since late July, driven by escalating tensions in the Strait of Hormuz and disruptions to tanker traffic.

The latest escalation comes after the June ceasefire between Iran and the US collapsed, with reports of fighting between US and Iranian forces intensifying concerns about oil flows from the region.

Despite previous warnings that Brent crude could surge to over $100 per barrel, Middle Eastern producers have found alternative channels to send their crude abroad via pipelines to ports outside the Strait of Hormuz.

The OPEC basket is trading above $100 per barrel, and other crude blends such as Murban crude and the DME Oman benchmark are also above this level.