essels transit the Strait of Hormuz off the coast of the port city of Bandar Abbas in southern Iran on September 5, 2026.
Oil prices crept above the $ 100-a-barrel mark on Thursday as tensions around the Strait of Hormuz escalated. This comes after Iran reported attacks on vessels attempting to navigate the strategically important waterway.
Brent crude was trading at $101.28 a barrel in early Asian trading on Thursday, after rising above the $100 mark on Wednesday for the first time since July.
This followed reports from Iranian state media that the Islamic Revolutionary Guard Corps had attacked two US vessels, eight oil tankers and 10 other vessels that it described as “non-compliant” while they attempted to pass through the strait, which usually carries about a fifth of global oil supplies.
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