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The Latest: Key Oil Price Spikes over $100 as Iranian Attacks Hit Shipping
Iran-linked attacks in the Strait of Hormuz raised supply concerns, offsetting the International Energy Agency's release of 400 million barrels, pushing Brent crude prices above $100.
- Crude prices jumped Thursday as geopolitical supply fears overshadowed the IEA's Wednesday announcement of a record 400 million barrel reserve release. Brent North Sea Crude surged nine percent to exceed $101, while WTI spiked just short of $96.
- Tensions in the Middle East intensified Thursday as Bahrain reported attacks on fuel tanks and Saudi Arabia intercepted drones headed to the Shaybah oil field. The Revolutionary Guards warned they would strike "economic centres and banks" linked to United States interests.
- Markets retreated Thursday, with equities falling across Asia and London amid growing economic uncertainty. Air New Zealand announced it would cut 1,100 flights over the next two months as rising fuel costs impact airline operations.
- The surge in oil prices has fanned fresh fears about another spike in inflation, prompting warnings that central banks might hike interest rates again. Analysts cautioned that prolonged shipping disruptions through the Strait of Hormuz could deliver a severe economic shock.
- Analysts warn that $90-$100 a barrel could represent the new normal for oil prices while hostilities continue. Markets' Neil Wilson noted that while the reserve release had been priced in by investors, the supply threat remains the primary market concern.
23 Articles
23 Articles
The Latest: Key oil price spikes over $100 as Iranian attacks hit shipping
The price of Brent crude oil, the international standard, spiked back over $100 as Iranian strikes hit ships in the regions waters and the ongoing American-Israeli war with Iran showed so signs of slowing.Thursday’s major developments include Iranian attacks against commercial ships around the Strait of Hormuz and Iraq's port of Basra, escalating a campaign of squeezing the oil-rich Gulf region as global energy concerns mount. The U.S. campaign …
Brent Crude Oil Tops $100 a Barrel as Iran Attacks on Shipping Worsen Supply Concerns
BANGKOK (AP) — The price of a barrel of Brent crude oil, the international standard, topped $100 a barrel early Thursday, just days after it spiked near $120. Oil prices shot more than 9% higher as supply concerns worsened with Iranian attacks on commercial shipping around the Strait of Hormuz. U.S. benchmark crude oil jumped […]
KTEN
Oil prices surge as supply fears offset IEA's record stockpile release
Oil prices soared Thursday and stocks sank as Iran struck two tankers in Iraq and threatened to bring down the global economy, overshadowing a record release of strategic crude by the International Energy Agency.
The price of the Brent, of reference in Europe, again exceeds 100 dollars per barrel this Thursday, after a series of attacks on ships in the Strait of Ormuz, key road for the world energy trade.The entry The price of oil again exceeds 100 dollars amid attacks on Ormuz was first published in Digital Process.
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