Brent Crude Prices Soar Above $101 Amid Middle East Tanker Attacks

Oil prices surged above $101 per barrel as intensifying assaults on tankers in the Middle East stoked worries about shrinking regional supply.

The international benchmark, Brent crude, climbed 3.4% to close at $101.21, having peaked at $101.58 intraday.

This comes after a notable uptick in strikes tied to oil shipping, including the US military destroying five Iranian tankers after Iran launched ballistic missiles at a US Navy vessel overnight.

Ryan McKay, senior commodity strategist at TD Securities, noted that although the crude market's deficit has narrowed with higher volumes of dark flows stabilizing, conditions remain tight.