Brent Crude Holds Above $100 as Iran-US Tensions Escalate
Oil prices dipped on Thursday but Brent crude remained above $100 a barrel as traders braced for deeper supply disruptions after Iran and the US launched their largest attacks on shipping since their six-month-old conflict began.
Brent crude futures were down 0.7 percent to $100.50 a barrel by 09:19 a.m. Saudi time, while US West Texas Intermediate crude was at $95.58, down 0.5 percent.
The prices have surged nearly 30 percent from lows touched in early August as a permanent agreement between the US and Iran to cease attacks never materialized and fighting resumed later in the month.
Renewed hostilities between the US and Iran have once again lifted the geopolitical risk premium in crude oil, said Sugandha Sachdeva, the founder of SS WealthStreet, a New Delhi-based research firm.