Brent Crude Surges Past $95/Barrel as Strait of Hormuz Tensions Escalate

The price of Brent crude has surged to $95.92 per barrel after a recent escalation in tensions between Saudi Arabia and Iran led to commercial vessels avoiding the Strait of Hormuz.

According to market analysts from ING Bank, developments over the past few days have brought regional oil supplies back into focus.

Just nine vessels attempted to transit the strait yesterday, with six operating with disabled AIS tracking transmitters. The ING Bank analysts noted that despite a stalemate between the US and Iran, oil flow through the strait has continued, but rising tensions have put crossings at risk.

The price of Brent crude gained $1.15 per barrel on the day, marking its move past the $95 per barrel mark.