Brent rises above $92 as US-Iran tensions lift shipping risk
Brent climbed above $92 a barrel after a 2.7% gain Monday. Renewed US-Iran hostilities raised concerns over disruptions through the Strait of Hormuz as attacks reportedly hit US-linked targets and vessels in the waterway.
Brent rose above $92 a barrel on Tuesday, following a 2.7% gain on Monday, as renewed hostilities between the US and Iran heightened concerns over prolonged disruptions to energy shipments through the Strait of Hormuz.
US forces struck an island in the strategic waterway, prompting Iran to retaliate with attacks on US-linked targets in the UAE and Jordan, marking the first direct exchange of fire in about a month.
Two supertankers were reportedly hit by unidentified projectiles while transiting the chokepoint, highlighting the risks facing vessels in the region.
Despite the escalating tensions, crude exports continue to move through Hormuz, with some tankers reportedly switching off their transponders.
Producers including Saudi Arabia, the UAE, Kuwait and Iraq are still managing to ship barrels.
However, the threat of further attacks remains a major concern, particularly after a tanker was reportedly struck by three unidentified projectiles near Oman while exiting the waterway.