Oil Prices Surge Above $100 as Tanker Attacks Persist

Oil prices remain above $100 a barrel as traders assess the risk of further disruption to global supplies due to escalating attacks on shipping between Iran and the US.

Brent crude futures have risen by nearly 30% from lows reached in early August after a permanent agreement between the two countries failed to materialise, according to Caliber.Az.

The recent attacks have seen oil flows through the Strait of Hormuz remain far below pre-war levels. Before the conflict, the waterway carried roughly a fifth of global oil and gas supplies.

ANZ analyst Daniel Hynes said in a client note that 'the tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future.'