Oil Hits $100 as Two Key Shipping Chokepoints Face Simultaneous Disruption
Source: https://www.huffpost.com/entry/oil-prices-rise-amid-us-iran-hostilities_n_6a61f860e4b0c2f78d020cc0
Executive Briefing
- Brent crude settled at $100.69 per barrel Thursday, up 7% and nearly 40% higher since the Iran war began in February
- Houthis attacked two Saudi oil tankers in the Red Sea, igniting one vessel and opening a second front to the Strait of Hormuz disruption
- Combined Hormuz and Bab el-Mandeb chokepoints carry roughly a quarter of global oil supply, amplifying market fears
- Gulf loading activity collapsed to 2.5 million bpd over seven days, down sharply from 6 million bpd over the prior 30 days
- Goldman Sachs warns Brent could exceed $120 per barrel in Q4 if disruptions persist into 2027
- OPEC+ members are expected to raise output targets by 188,000 bpd in August to partially offset supply losses
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