Hormuz Attack Sends Brent Crude Above $100 as Global Oil Supplies Concerns Rise

A fresh wave of concern over global oil supplies has intensified following another vessel attack in the Strait of Hormuz, pushing Brent crude above $100 a barrel.

The incident, which occurred on Sunday (September 13), is the latest in a series of disruptions to shipping and energy exports through the waterway, one of the world's most important energy corridors.

Around 20% of global oil supplies pass through the Strait of Hormuz, and tensions around the Red Sea and the Bab el-Mandeb Strait have increased, raising the prospect that several critical oil-shipping routes could be disrupted at the same time.

The Saudi pipeline shutdown has added to supply concerns after a drone attack temporarily closed the East-West pipeline, which provides an alternative route for Saudi crude exports.