Brent Crude Holds Above $100 as Iran-US Tensions Escalate
Oil prices dipped on Thursday but Brent crude held above $100 a barrel as traders braced for deeper supply disruptions after Iran and the United States launched their largest attacks on shipping since their six-month-old conflict began.
Brent crude futures were down 0.7% to $100.50 a barrel by 0619 GMT, while U.S. West Texas Intermediate crude was at $95.58, down 0.5%.
The price of Brent has surged nearly 30% from lows touched in early August as a permanent agreement between the US and Iran to cease attacks never materialised and fighting resumed later in the month.
Iran said it had attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers, and Iran's Islamic Revolutionary Guard Corps warned that it would escalate its response to any further attacks.