Hormuz Attack Concerns Lift Oil as Asian Shares Slip
Brent climbed above $100 a barrel as reports of more tanker attacks in the Strait of Hormuz unsettled markets.
Key takeaways
- Brent rose 0.9% to $101.48 a barrel around 0230 GMT Wednesday.
- UK Maritime Trade Operations reported nine attacks so far this month in the Strait of Hormuz and Persian Gulf.
Oil rose and most Asian markets fell Wednesday as concerns grew that Iran was stepping up attacks in the Strait of Hormuz. Around 0230 GMT, Brent was up 0.9% at $101.48 a barrel and West Texas Intermediate had gained 1% to $90.29.
UK Maritime Trade Operations said there had been nine attacks so far this month in the waterway and Persian Gulf combined, half the total for all of September. The reports helped lift oil after exports from the Middle East, excluding Iran, had pushed prices below $100 for Brent and $90 for WTI.
Chris Weston of Pepperstone said increased regional flows had weighed on crude, but reports about attacks on vessels offset that pressure. He said the market remained highly sensitive to headlines and geopolitical risk.
This article was produced with the help of AI technology. Source: Yahoo Finance
