Brent Oil Prices Soar Above $100 as Middle East Tensions Escalate
Brent oil prices remain above $100 per barrel as concerns about disrupted energy flows in the Red Sea and potential further escalation of conflict between the US, Israel, and Iran continue to drive prices higher.
The Brent futures contract has advanced 37 cents, or 0.37%, to $101.06 a barrel at 0330 GMT, with West Texas Intermediate (WTI) futures little changed at $91.20 a barrel, their highest level since June 11.
Analysts at ING say the potential supply disruptions facing the market are larger than at any time during the war, citing risks to Saudi oil flows from the Red Sea and further escalation in the Gulf as putting significant amounts of oil supply at risk.
The number of tankers crossing through the Strait of Hormuz has fallen to just one on Thursday, the lowest since May 7, according to ship-tracking data from Kpler.