Brent crude jumped 2.6% to $102.80 a barrel after a surge in attacks on tankers in the Strait of Hormuz and a US output cut tied to an offshore hurricane threat. Attacks on shipping in the Gulf hit a weekly high, while Gulf producers separately stepped up oil exports over the same period.
Brent crude, the global benchmark, advanced $2.62 a barrel to $102.80, up 2.6%, as traders weighed fresh worries over Middle East crude supplies. The US also trimmed output after a hurricane threatened offshore production, tightening the market further.
Attacks on tankers moving through the strait reached a weekly high last week since the US and Israel unleashed the Iran war on 28 February, Reuters reported, citing maritime security sources. There were at least 12 attacks on oil, liquefied natural gas and liquefied petroleum gas tankers around the strait in the week to 5 October.
Gulf producers have stepped up oil exports at the same time the attacks on shipping have intensified.
Source: The Guardian
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