Oil prices have risen following a US interception of a crude tanker, as reported by ThisDayLive.
Reports indicate that oil prices gained momentum after the United States intercepted a crude tanker. This development was highlighted in a ThisDayLive article titled 'Oil Prices Gain on US Interception of Crude Tanker.' The event underscores ongoing tensions in global oil supply chains. No further details on the interception or specific price movements were provided in the available sources.
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Brent crude briefly rose above $100 a barrel early Thursday after two oil tankers were reported struck by projectiles near Iraq, adding to supply fears tied to the Iran war and disruption in the Strait of Hormuz. U.S. officials said President Donald Trump authorized a 172 million-barrel release from the Strategic Petroleum Reserve beginning next week.
Following last week's spike above $100 triggered by tanker strikes near Iraq, oil prices dipped slightly on Wednesday as U.S. crude stockpiles rose per API data. Iraq and the Kurdistan Regional Government agreed to resume exports, while Libya's production held steady despite a facility fire.
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Oil prices recorded their largest daily gain since October, driven by concerns over a potential new conflict between the United States and Iran. Brent crude surpassed US$71 per barrel after a 4.3% rise, while West Texas Intermediate traded above US$66. Analysts warn that the US military buildup in the region could close the window for a diplomatic agreement.
Oil prices rocketed above $100 per barrel on Monday, driven by fears of prolonged supply disruptions from the escalating Iran war in the Middle East. The conflict, including strikes in Beirut and threats against Iran's leadership, has heightened risks to the Strait of Hormuz. This surge marks the biggest jump since 2020, fueling concerns over global fuel prices and inflation.
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The ongoing conflict with Iran has halted shipping in the Strait of Hormuz, driving up global oil and gas prices. This surge is providing short-term gains for producers outside the Persian Gulf region, such as Exxon Mobil and Chevron. Consumers in the US and Europe are facing higher bills as a result.
Global energy markets were jolted by Iran's attack on a major Qatar LNG facility, causing sharp rises in oil and European gas prices. Brent crude climbed 3.8% to settle at $107.38 per barrel, while Europe's benchmark gas prices jumped around 6%.
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Oil prices continued their sharp rise toward $100 per barrel on the eighth day of the Israel-US-Iran conflict, heightening fears of supply disruptions via the Strait of Hormuz. Building on last week's surges amid initial strikes, the escalation is fueling global market volatility, with Indian equities facing elevated inflation risks from oil import dependence.