Brent Hits $109.20 as Gulf Attacks Intensify, Lifting Fed Hike Odds to Nearly 70%
Updated
Updated · Al Jazeera English · Sep 10
Brent Hits $109.20 as Gulf Attacks Intensify, Lifting Fed Hike Odds to Nearly 70%
3 articles · Updated · Al Jazeera English · Sep 10
Summary
$109.20 Brent and $102.50 WTI marked a fresh jump in oil prices, with U.S. crude topping $100 for the first time since May.
Attacks on Gulf shipping have risen to their highest level since the U.S.-Israel war on Iran began, while traffic through the Strait of Hormuz stays restricted under U.S. and Iranian naval blockades.
Iran said it struck 10 ships near Hormuz on Wednesday after the U.S. hit five Iranian oil tankers, and the Houthis seized Yemen's port of Mocha on Thursday, adding new risk to Red Sea flows.
Chinese buying has turned into a key test for the rally: analysts said stronger imports could magnify supply shocks, while weaker demand could cap gains.
Nearly $4.28 U.S. gasoline and broader transport-cost pressure have deepened inflation fears, pushing traders to price in almost a 70% chance of a Federal Reserve rate hike next week.