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Commodities

Brent Crude Surges Near $100 as Hormuz Tensions Rise

Guavy AI Editorial Team
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The price of Brent crude oil has reached nearly $100 per barrel due to concerns over disruptions in energy supply through the Strait of Hormuz, a vital shipping lane. Tensions have escalated following renewed clashes between the US and Iran.

Brent crude for November delivery traded up 1.45% at $98.45 a barrel, while West Texas Intermediate (WTI) for October delivery rose 2.6% to $93.91 a barrel this afternoon.

Iran has announced that negotiations with Oman are imminent and will include a temporary safe shipping lane in response to the US strike on an Iranian oil tanker over the weekend.

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