Brent jumps past $103 on Iran strike risk as nine tankers attacked near Hormuz
Brent crude spiked as much as 5.7% to $105.91 in early New York trade before settling around $103.63, up 3.4% on the day, as markets priced in possible renewed US strikes on Iran.
Nine tankers have come under attack in and around the Strait of Hormuz in the past week — the most since the war began — and Hurricane Isaias shut in a quarter of Gulf of Mexico output.
The IEA agreed to accelerate a release of 100 million barrels from emergency stocks to calm markets.
For India, which imports the bulk of its crude, the spike is a double blow: costlier oil and a weaker rupee, which slipped to 96.88 against the dollar.
Originally reported by TradingNews. Article compiled by the Deccan Age desk.
