Brent crude stays above $100 amid tanker attacks

Oil prices dropped sharply following escalating tensions between the United States and Iran, with Brent crude surpassing $100 a barrel for the first time in a while, marking an increase of nearly 30% since its lowest point in August. This rise was driven by attacks on ships near the Strait of Hormuz, Iranian responses, and military escalation. The increases are a result of the risks of disruption to Gulf oil supplies, which account for about one-fifth of global output, as well as growing concerns over the erosion of alternative routes amid increased Houthi attacks on Saudi territory and maritime navigation in the Red Sea. Additionally, the U.S. Energy Information Administration raised their oil price forecasts for the current and upcoming years due to declining global inventories and heightened geopolitical risks.

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