Brent Crude Holds Above $100 as Tanker Attacks Escalate

Oil prices remain elevated after Brent crude breached $100 per barrel due to escalating tensions between Iran and the United States.

The conflict has led to a series of tanker attacks, with Iran striking 10 ships near the Strait of Hormuz in response to the US sinking five Iranian oil tankers.

According to ANZ analyst Daniel Hynes, 'the tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future.'

The physical crude oil market has been above $100 per barrel since September 3, with the dated Brent oil benchmark against which roughly two-thirds of supply is priced.