Commodities
Oil Prices Hold Steady Above $100 as Strait of Hormuz Disruptions Loom
Oil prices remain above $100 a barrel despite a slight decline, amid concerns over escalating tensions between the US and Iran that could disrupt global oil supplies.
The international benchmark Brent crude futures for November delivery traded at $100.71 a barrel, down 0.5% from the previous close of $101.21.
The Strait of Hormuz, a key global oil chokepoint, has seen vessel traffic decline significantly since Iran announced its closure on August 12, citing US attacks.
Analysts warn that disruptions to oil flows from the Persian Gulf could persist, with Brent crude rising above $100 a barrel for the first time in nearly two months amid heightened tensions and attacks on oil tankers in the Middle East.