Brent crude nears $100 as Hormuz shipping risks persist
Brent crude oil prices hovered around $100 per barrel on Tuesday, as shipping risks in the Strait of Hormuz kept traders on edge. The UK Maritime Trade Operations issued new warnings about potential attacks on vessels in the critical waterway, highlighting ongoing concerns for energy shipments.
Early in the day, oil prices had dipped on signs that Middle Eastern crude exports were bouncing back. However, the Strait of Hormuz remained a focal point, with tensions potentially disrupting supply routes. Brent crude was trading at $100.06 per barrel, down 0.25% as of 1635GMT, while the US benchmark West Texas Intermediate (WTI) climbed 0.2% to $89.60.
The G7 countries announced plans to release 100 million barrels of oil through the International Energy Agency over four months, with a significant portion of diesel set to be released within the first 20 days. The group also committed to avoiding energy export restrictions among its members.
Meanwhile, seven OPEC+ producers agreed to maintain their September production levels for November, with their next meeting scheduled for November 1.