Brent Tops $100 as Hormuz Disruption Persists

Overview

• Brent futures traded around $101–$103 a barrel with U.S. WTI near $92–$94 after a volatile month that saw Brent touch $111.
• The Strait of Hormuz, a narrow route that carries roughly a fifth of seaborne oil and gas, remains effectively constrained as U.S. Central Command said forces told 31 vessels to turn back.
• Iran’s navy said it seized two container ships in the strait, and local reports said Iranian negotiators skipped planned talks with the United States.
• Goldman Sachs warned that a prolonged closure could push Brent to about $120 by the third quarter, while ANZ said recent outages have flipped the market from surplus to a sizable deficit.
• India reported higher import costs but said fuel stations are operating normally, as the tanker Desh Garima with 31 Indian crew reached Mumbai and the Indian crude basket was last at $102.46.