Oil Prices Hold Above $100 as Tanker Attacks Escalate

Oil prices have held firm above $100 per barrel after a series of tanker attacks in the Middle East, sparking fears of deeper supply disruptions. The Brent crude futures price remained steady at $101.10 per barrel on Thursday, while WTI crude futures rose to $96.24 per barrel. Traders are bracing for continued supply disruptions as Iran and the US engage in their largest attacks on shipping since their six-month-old conflict began.

The Strait of Hormuz, a key waterway that carries roughly a fifth of global oil and gas supplies, has seen its oil flows remain far below pre-war levels. The tit-for-tat attacks have led analysts to predict that oil flows will remain disrupted for the foreseeable future. 'The tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future,' said ANZ analyst Daniel Hynes.

The U.S. Energy Information Administration has raised its oil price forecasts for this year and next, citing a decline in global stockpiles due to the loss of Middle Eastern supply. The physical crude oil market has been tight, with the dated Brent oil benchmark above $100 per barrel since September 3, according to LSEG data.