Brent crude holds above $100 as US-Iran conflict threatens deeper oil supply disruption
Global crude oil prices rose nearly 2 per cent, with Brent crossing $100 a barrel, amid escalating Iran-US attacks on shipping near the Strait of Hormuz. Disrupted oil flows boosted bullish sentiment, while analysts warned of possible short-term correction after the rally
- Why it matters
- The Strait of Hormuz handles roughly one-third of global seaborne oil exports. Shipping disruptions there directly tighten oil supply and push prices higher, raising fuel and energy costs for importers.
- Most affected
- Oil importers and consumers in countries reliant on Middle Eastern oil — Face higher crude costs, raising petrol, heating, and electricity prices.
Businesses with exposure to oil price volatility — Contend with higher input costs and margin pressure in the near term. - Likely next
- Whether attacks on shipping continue and whether the Strait of Hormuz remains navigable, or whether the price rally reverses as analysts suggest.
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