Oil Prices Soar Past $100 as Attacks on Shipping Escalate
Oil prices surged to over $100 per barrel on Thursday as escalating attacks on shipping near the Strait of Hormuz raised concerns about further supply disruptions. Brent crude futures rose 5.9% to $107.18 a barrel, while US West Texas Intermediate crude gained 6.25% to $102.05.
The latest rally followed an increase in attacks on shipping since the Iran war began, with Iran saying it attacked 10 ships near the Strait of Hormuz on Wednesday after the US hit five Iranian oil tankers.
Simon-Peter Massabni, head of business development at XS.com, noted that 'disruption risk is persistent, not episodic' in the crude oil market. OPEC lowered its 2026 global oil demand growth forecast to 380,000 barrels per day, its fifth consecutive downward revision.
Gold prices fell more than 1% on Thursday as higher oil prices and stronger US inflation data increased expectations of a Federal Reserve rate hike. Spot gold declined 1.8% to $4,320 an ounce.