Brent crude trades above $100 as US-Iran tensions fuel supply concerns
Baku, September 10, AZERTAC
Oil prices continue to trade above $100 a barrel despite a slight decline, amid concerns that escalating tensions between US and Iran could disrupt global oil supplies, Anadolu Agency reported.
International benchmark Brent crude futures for November delivery were trading at $100.71 a barrel at 09.54 a.m. local time (0654 GMT), down 0.5 % from the previous close of $101.21.
US benchmark West Texas Intermediate (WTI) crude futures for October delivery decreased 0.3% to $95.73 a barrel from $96.05.
Brent crude rose above $100 a barrel on Wednesday for the first time in nearly two months amid heightened tensions and attacks on oil tankers in the Middle East.
Vessel traffic through the Strait of Hormuz has declined significantly since Iran announced its closure on Aug. 12, citing US attacks. Anadolu footage showed numerous commercial vessels, including oil tankers and container ships, anchored off Bandar Abbas.
Strait of Hormuz, a key global oil chokepoint, handled around 20 million barrels of crude oil and petroleum products a day before the conflict. Analysts said disruptions to oil flows from the Persian Gulf could persist.
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