Brent tops $95.50 as Strait of Hormuz disruptions persist

Brent rose above $95.50 a barrel on Thursday, extending a rally on Iran continued strikes against US Gulf allies.

Kuwait’s armed forces said the kingdom was facing “ongoing Iranian aggression” as its air defenses engaged missiles and drones.

Iran retaliated after US strikes on Tuesday by targeting US regional allies Jordan and Bahrain.

Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared with a 10-day average of nearly 13.

Japan’s Mitsui O.S.K.

Lines, the world’s largest tanker operator, expects disruptions at the Strait of Hormuz to persist longer than previously anticipated, with no normalization by year-end following this week’s renewed escalation in hostilities.

Damaged refineries in the Middle East and Russia, along with insufficient capacity elsewhere to offset supply disruptions, are likely to keep global fuel prices elevated into next year.