Brent crude tops $100 per barrel as Middle East clashes raise supply fears
Brent rose 2.3% and briefly hit $100 per barrel after attacks on Iranian tankers and Houthi strikes, while global markets reacted.
Global oil prices climbed back to around $100 per barrel after a fresh escalation in the Middle East raised concerns over longer disruptions to supply, particularly around the Strait of Hormuz where a large share of world oil passes.
Brent crude, the international benchmark, rose by 2.3 percent this morning and briefly reached $100 per barrel before edging lower. It was last at that level in July. U.S. West Texas Intermediate (WTI) gained 1.3 percent to about $94 per barrel.
European equity markets fell as energy risks mounted: the DAX slipped 0.39 percent to 25,890.77 points, the FTSE 100 lost 0.28 percent to 10,783.09, and the CAC 40 dropped 0.61 percent to 8,265.15. In Asia, the CSI 300 rose 0.30 percent to 4,572.60.
Energy markets and regional strikes
European natural gas futures for October delivery on the Dutch TTF in Amsterdam traded around 76.8 per megawatt-hour, down about 1.3 percent on the day.
The price jump followed a series of military incidents at sea: the United States said it struck four Iranian tankers in the Gulf of Oman and a fifth near Kharg Island, in response to attempted ballistic missile attacks on a U.S. warship. Kharg is a key export hub for Iranian oil, and any disruption there can tighten global flows.
Additional pressure on markets came from Houthi attacks, backed by Iran, that targeted oil and other infrastructure in Saudi Arabia. Traders worry that continued strikes and naval obstacles could hamper tanker transits through the Strait of Hormuz, keeping supply outlooks uncertain.
Higher crude already feeds through to pump prices: rising oil values are pushing up gasoline and diesel costs and increasing financial pressure on consumers worldwide.
Photo: press material from the event
