Brent Tops $97 as US-Iran Strikes Stoke Middle East Supply Risks
Updated
Updated · South China Morning Post · Sep 2
Brent Tops $97 as US-Iran Strikes Stoke Middle East Supply Risks
1 articles · Updated · South China Morning Post · Sep 2
Summary
Brent crude briefly rose above $97 a barrel on Wednesday, its highest intraday level since early June, after fresh US strikes on Iranian targets triggered retaliation from Tehran.
Iran launched missiles and drones at sites across the region and hit US-linked assets in Jordan, while Iranian state media cited multiple explosions in the Strait of Hormuz.
Shipping risks are now a key driver of the rally, analysts said, with traders bracing for supply disruptions and seeing no practical near-term path to a US-Iran de-escalation.
Two supertankers carrying 2 million barrels each of Saudi crude were struck by unknown projectiles near-simultaneously as they sailed out of the Strait of Hormuz late Monday, underscoring the threat to energy flows.