Tensions between US and Iran Push Brent Crude Above $100 a Barrel
Escalating tensions between the US and Iran have pushed Brent crude prices above $100 a barrel, sparking concerns over disruptions to global oil supplies. Despite a slight decline in price, international benchmark Brent crude futures for November delivery were trading at $100.71 a barrel at 09:54 a.m. local time (06:54 GMT), 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. Before the conflict, the strait handled around 20 million barrels of crude oil and petroleum products daily.
US President Donald Trump said Washington was not actively negotiating with Iran and claimed the war would end immediately after the November 3 congressional midterm elections. He also accused Iran of seeking to influence the elections without providing details.