Brent Crude Surges to $109.97 as Hormuz Disruptions Intensify
Brent crude oil prices surged to within cents of $110 per barrel on Friday as disruptions along major Middle Eastern shipping routes intensified concerns over oil availability. The international benchmark climbed as high as $109.97 before retreating to around $106, still up about 10% for the week and its first weekly close above $100 since May.
The sharp increase reflects a global oil market increasingly concerned that disruptions to Middle Eastern supply routes will last longer than anticipated. The Strait of Hormuz, one of the world's most important energy corridors, has seen shipping activity fall sharply as attacks on vessels increase risks facing tanker operators.
The International Energy Agency estimates that approximately 3.5 million to 5.5 million barrels per day can potentially be redirected through alternative routes, but this is still a fraction of the 20 million barrels per day that moved through Hormuz in 2025. The prolonged disruption has forced the IEA to reassess demand as well, projecting global oil consumption to fall by approximately 2.5 million barrels per day this year.