Commodities
Brent Rebounds Above $105 on Iran's Red Sea Threat
Brent crude oil prices snapped back sharply on Thursday, rebounding above $105 after hitting a low of $98 earlier in the week. The surge was triggered by Iran's warning that it may open a new front targeting Red Sea energy supplies if the US launches new attacks.
The move reverses a six-session slide that had taken Brent below $100 for the first time since early September. Global oil inventories have fallen by an estimated 400 million barrels this year, with Hormuz flows at half their pre-conflict pace.
The spread between Brent and West Texas Intermediate (WTI) has widened to more than $11, reflecting the premium on seaborne crude exposed to Middle East shipping risk. WTI prices rose 1.95% to $93.96.