Crude oil prices remained above $100 a barrel as escalating attacks on tankers in the Persian Gulf heightened concerns over supplies from one of the world’s most important oil-producing regions.
Brent crude was trading at around $101.04 per barrel, while West Texas Intermediate (WTI) stood at about $96.09 per barrel. Oil prices had risen sharply earlier in the week as the conflict between the United States and Iran intensified and attacks on vessels increased.
Iran reported attacks on US naval vessels and tankers in the Persian Gulf, while the United States said it had struck 10 Iranian tankers. Iran has indicated that further attacks on its tankers could trigger additional retaliation.
Tanker Attacks Raise Supply Concerns
Supply concerns deepened after a tanker carrying Iraqi crude was reportedly hit by a drone in the Persian Gulf. The latest attacks have increased uncertainty over the movement of crude through the region.
Attention remains focused on the Strait of Hormuz, a critical route for global oil and gas shipments. Continued military escalation could disrupt flows through the waterway and tighten global crude supplies.
Oil movements through the region have continued despite the conflict, but further attacks on tankers or infrastructure could increase the risk of more significant disruptions.
Brent Trades Above $100
Brent has moved above the $100-per-barrel level for the first time in nearly two months as geopolitical risks have intensified.
Other crude benchmarks have also remained elevated. WTI was around $96 per barrel, while the Indian crude basket was trading close to $109 per barrel.
The latest escalation comes as the US-Iran conflict continues with no immediate resolution, leaving oil markets focused on tanker movements and the availability of shipping routes through the Persian Gulf and Strait of Hormuz.