Oil prices rally as Middle East conflict threatens supplies

3 min read

Oil prices surged with ICE Brent topping $100 per barrel for the first time since May as Houthi attacks on vessels in the Red Sea and wider Persian Gulf tensions heighten the risk of further supply disruptions. Key routes and export hubs face strain: flows through the Strait of Hormuz have largely stopped, Saudi Yanbu exports averaged about 4.6m b/d in June, and CPC terminal exports have exceeded 1.7m b/d. Reports of a possible Russian diesel export ban extension and falling ARA gasoil and jet inventories add further pressure to refined product markets.

Brent crude broke above $100 per barrel