Oil Jumps 2% as Iran Steps Up Attacks on Hormuz Tankers

AI Summary

Brent crude rose above $100 a barrel amid reports of more frequent Iranian attacks on tankers in the Strait of Hormuz and precautionary production shutdowns in the Gulf of Mexico ahead of a possible hurricane. The developments lifted oil prices, with both Brent and WTI posting gains.

Brent crude swung back above $100 per barrel today as reports flow in about increasingly frequent Iranian attacks on tankers in Hormuz and U.S. Gulf of Mexico field operators began shutting in production ahead of a potential hurricane. At the time of writing, Brent crude was trading at $102.50 per barrel, up by over 2% from Wednesday’s close, while West Texas Intermediate was changing hands for $89.96 per barrel, up by 1.90% from Wednesday. Earlier this week, oil moved lower on the latest update from the International Energy Agency, which…