Brent crude tops $100 amid shipping disruptions
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- Brent crude reached $100.30 per barrel as disruption threatened major oil shipping routes.
- West Texas Intermediate traded at $91.70, with both benchmarks gaining over $10 since Monday.
- ING said further escalation could keep oil prices moving higher without signs of de-escalation.
Brent crude reached $100.30 per barrel as disruptions threatened oil flows through the Strait of Hormuz and Red Sea.
West Texas Intermediate traded at $91.70, while both benchmarks gained more than $10 per barrel since Monday.
“Further escalation in the Persian Gulf and fears of a widening conflict are putting a significant amount of oil supply at risk,” said ING commodity analysts Warren Patterson and Ewa Manthey.
Kazakhstan also suspended Caspian Pipeline Consortium exports after suspected Ukrainian drone attacks disrupted a terminal handling about 2% of global supply.
ING said prices could keep rising without de-escalation.
U.S. regular gasoline averaged about $4.09 per gallon as higher crude prices increased costs for motorists and businesses.
Ninepoint Partners’ Eric Nuttall estimated Middle Eastern output remained 7–8 million barrels daily below pre-war levels amid low global inventories.
