Updated
Updated · CNBC · Jul 24
Brent Tops $100 as Attacks Hit 61 Ships Across Hormuz, Red Sea and Black Sea
Updated
Updated · CNBC · Jul 24

Brent Tops $100 as Attacks Hit 61 Ships Across Hormuz, Red Sea and Black Sea

3 articles · Updated · CNBC · Jul 24

Summary

  • Brent crude broke above $100 a barrel on Thursday after oil tanker attacks spread across Hormuz, the Red Sea and the Black Sea, extending a July rally to more than 30%.
  • IMO data show 61 commercial ships have been attacked since March 1 in the Persian Gulf, Strait of Hormuz and Gulf of Oman, killing at least 17 seafarers; at least a dozen tankers were struck around Hormuz this month.
  • Iran has intensified pressure around Hormuz while Houthi forces fired on two Saudi tankers in the Red Sea, threatening barrels Riyadh had rerouted west to bypass Gulf risks.
  • Ukraine says it has hit more than 150 vessels tied to Russia's shadow fleet, and CPC loading at Novorossiysk has stopped, putting Kazakhstan's 1.7 million bpd export route under strain.
  • Analysts say the multi-front disruption is creating a 'no-way out' shipping squeeze that could push Brent beyond the 2022 peak of $128, and in a worst case above $148.

Insights

Could attacks in Hormuz, the Red Sea, and the Black Sea trigger a new global oil shock beyond $128 Brent?
If Saudi bypass routes and Black Sea exports keep faltering, how much oil supply is truly at risk worldwide?
Are war-risk insurance and shipping delays now a bigger threat to energy markets than the physical damage from tanker attacks?