Brent Crude Approaches $100 as Iran Disruptions Fuel Oil Price Surge

The price of Brent crude oil has risen to nearly $100 per barrel in response to US strikes on Iranian tankers near Kharg Island, a key hub for Iran's crude oil exports.

This increase is driven by fears of new disruptions in the Strait of Hormuz, which is responsible for around 20% of global oil and liquefied natural gas flows. The market is also being supported by the recovery of Chinese oil purchases and limited global inventories and spare capacity.

The US Central Command reported that five Iranian tankers carrying oil were destroyed in the strikes, with Washington claiming this was a response to Iran's attempts to attack a US Navy ship with ballistic missiles.