Brent Tops $110 as Tanker Attacks Threaten Persian Gulf Supply

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Brent crude rose above $110 per barrel as tanker attacks in the Strait of Hormuz disrupted Persian Gulf oil flows and increased concern about a return to normal supply. WTI also traded above $100, with both benchmarks near multi-month highs.

Crude oil prices extended their climb today, with Brent topping $110 per barrel again earlier in the day, and WTI back at over $100, as traders turn increasingly pessimistic about the resumption of normal oil flows out of the Persian Gulf. At the time of writing, Brent crude was trading at $109.68 per barrel, with West Texas Intermediate at $98.55 per barrel. Brent crude is trading at its highest in five months. The price trend follows reports of intensive tanker attacks in the Strait of Hormuz, which have severely affected oil flows, according…