Supply risks in the Persian Gulf halt Iranian oil shipments, lifting Brent prices amid heightened geopolitical tensions.
Brent crude prices climbed 3.4% to USD107.77 as supply disruptions in the Persian Gulf escalated. Satellite imagery revealed Iranian exports from Kharg Island have nearly stopped, with tankers repurposed for floating storage.
The halt follows US naval blockades in the region, marking the first time all berths at Kharg Island have been empty for consecutive days since the conflict began. Prior disruptions had not fully suspended operations at the terminal.
Market focus shifts to a US-China summit, where energy stability may be discussed, though commercial ties remain the stated priority.