Brent tops $105, reaching a nearly one-month high amid supply-disruption concerns
Updated
Summary
Brent crude topped $105 a barrel on Thursday, its highest level in nearly a month, as concerns over supply disruptions intensified.
Why it matters
One source of supply concern was geopolitical: reports said the White House had asked the Pentagon to prepare strike options against Iran that could be executed before the midterm elections. President Donald Trump had also said he no longer wanted a deal with Iran.
Regional shipping risks were another dimension: attacks in the Gulf and Strait of Hormuz had intensified, while the Houthis were stepping up strikes against Saudi Arabia.
Separately, Tropical Storm Isaias was prompting companies including Chevron and Shell to curb production and evacuate offshore personnel. As of Wednesday, about 25.1% of current US Gulf of Mexico oil production and 16.4% of natural gas production had been shut in because of the storm, according to the Marine Minerals Administration.