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.