Brent crude surges over $10 from Monday’s levels amid blockades in key shipping lanes and pipeline suspensions.
Brent crude climbed to $100.30 a barrel, while West Texas Intermediate reached $91.70, both posting gains exceeding $10 since Monday. The rally follows near-total paralysis of the Strait of Hormuz and Houthi attacks on tankers in the Red Sea’s Bab el-Mandeb Strait.
Prior to this week, Brent traded below $90, with supply risks largely priced out. Kazakhstan’s suspension of oil flows via the Caspian Pipeline Consortium added to tightening conditions, marking the first major disruption in the region since 2022.
Markets are pricing in further upside as geopolitical tensions escalate, with no immediate resolution in sight for the blocked shipping routes.