Brent tops $99 before slipping near $97.6 on Hormuz supply risks
Brent crude hit above $99 a barrel Tuesday, then pared gains to around $97.6 amid supply disruption concerns. Tensions include US-Iran strikes, attacks on Saudi Aramco facilities, and Iran’s new Oman-Hormuz shipping corridor.
6 as concerns grew over possible supply disruption. The US and Iran traded strikes over the weekend, adding to tension in the Middle East. Saudi Aramco sites were hit in fresh attacks on Monday, while Iran-backed Houthi militants said they targeted the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market. The US military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships.
Iran said on Monday it would set up a new shipping corridor with Oman in the Strait of Hormuz, which it said could make tanker traffic through the chokepoint more difficult. Vessels would need to coordinate with Tehran to enter a new restricted maritime zone around the waterway.