Oil prices rise above $100 a barrel for first time since July as Iran war escalates
- Benchmark Brent crude futures rose past $100 a barrel on Wednesday, breaching the symbolic barrier for the first time since July 24 as intensifying conflict in the Middle East fuelled growing concern about oil flows from the region.
- Hopes for a permanent resolution to the six-month-old United States-Iran conflict have faded since early last month, driving Brent prices up by a quarter as Iran-backed Houthis attacked Saudi energy facilities this week.
- Data from Rystad Energy's Chief Economist Claudio Galimberti shows oil flows through the Strait of Hormuz fell below 2 million bpd recently, down from roughly 8 million to 9 million bpd before fighting resumed on August 30.
- Goldman Sachs, Bank of America and HSBC have raised their crude price forecasts in recent days, reflecting market concerns over tightening global supply amid the escalating regional conflict.
- The International Energy Agency expects global oil supply to fall by 4.3 million bpd, or about 4%, this year, while The Houthi attacks threaten Red Sea shipments, a key alternative to the Strait of Hormuz.
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308 Articles
Daily on Energy: Oil surges above $100
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Surge in Oil Prices Raises Concerns
Oil prices have surpassed $100 a barrel, marking a significant increase not seen since July. The rise comes amid heightened tensions and attacks on energy facilities in the Middle East, sparking worries about global supply stability.
Brent reacted this Wednesday on high to sharpen the conflict in the Strait of Ormuz and came to be traded, for a few moments, to 100.19 dollars per barrel, a level that had been reached for the last time in July
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