Escalating tensions in key oil transit routes and reduced Kazakh exports push Brent above $100 for the first time since May.
Brent crude futures climbed above $100 per barrel as Middle East conflict and supply disruptions heightened risks to global oil flows. Analysts cited threats to shipments through the Strait of Hormuz and Red Sea, alongside reduced Kazakh exports via Russia’s CPC terminal.
Saudi crude exports from the Red Sea averaged 4.6 million barrels per day in June, while Kazakh flows exceeded 1.7 million barrels per day before recent disruptions. Supply risks now surpass levels seen during earlier phases of the conflict, with no immediate signs of de-escalation.
Without resolution, analysts warn prices may rise further, with $120 per barrel potentially triggering political pressure from the U.S.