Brent Holds Above $100 Amid Supply Disruption Fears

Oil prices remained above $100 a barrel on Thursday as falling traffic through the Strait of Hormuz intensified concerns about disruptions to Middle Eastern supplies. Brent crude traded near $101 a barrel, while U.S. West Texas Intermediate crude was around $96, with both benchmarks gaining roughly 5% over the past week and reaching their highest settlement levels since May. The escalation followed conflicting claims from Iran and the United States about attacks on shipping and oil tankers, while U.S. officials warned that strikes could continue and Iran’s Revolutionary Guard asserted control over the strait. Analysts said the conflict threatens deeper supply disruptions in a waterway that previously carried nearly one-fifth of global oil, while the International Energy Agency has forecast a substantial decline in global supply this year. Energy producers have benefited from the price surge, but investors cautioned that elevated valuations and weaker refining and demand conditions may limit the durability of the sector’s gains.