Brent Crude Surges Past $100 Amid Escalating US-Iran Tensions
Oil prices held firm on Thursday after Brent crude breached $100 a barrel. The surge comes as tanker attacks deepened supply fears, with Iran and the US launching their largest attacks on shipping since their six-month-old conflict began.
Iran said it had attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps stated that it would escalate its response to any further attacks, leading analysts to predict continued disruptions to oil flows through the Strait of Hormuz.
Oil prices have surged nearly 30% from lows touched in early August as a permanent agreement between the US and Iran to cease attacks never materialised. The U.S. Energy Information Administration raised its oil price forecasts for this year and next, citing global stockpiles dropping due to the loss of Middle Eastern supply.