Brent hits $110.30 per barrel, WTI trades at $99.12
Brent reached $110.30 per barrel as supply uncertainty, U.S. stock draws and record tanker rates pushed prices up.
World oil benchmarks climbed again as investors reacted to ongoing supply uncertainty linked to the Middle East. Brent crude reached $110.30 per barrel, while U.S. WTI traded at $99.12 per barrel, marking a rise of over one percent compared with the previous day.
Drivers of the price move
Market participants cite persistent doubts about flows from the Middle East and growing concerns that shipments through the Strait of Hormuz could be disrupted. Although some reports point to increased overall deliveries from the region, elevated security risks and uncertainty about a possible agreement to calm the conflict continue to weigh on sentiment.
Additional upward pressure came from reductions in U.S. crude and refined-product inventories, which market-watchers say tighten the global supply picture and support higher quotations.
Freight and logistics have also become a factor: tanker shipping costs in the Persian Gulf have climbed to record highs, making transport less efficient and more expensive and adding another layer of uncertainty to future energy prices.
Traders and firms remain attentive to developments in the region and to weekly statistics on stocks and shipments; any further escalation or new supply disruptions could push prices higher again.
Photo: press material from the event
