Brent Exceeds $100 per Barrel for the First Time Since July
On September 9, the price of Brent crude exceeded $100 per barrel for the first time since July 24. The rise comes amid a new escalation of the conflict in the Middle East, risks to key supply routes, and a resumption of oil purchases by China.
Brent futures rose by about 2%, surpassing the psychological threshold of $100. Meanwhile, U.S. WTI traded near $94–95 per barrel. Since early August, Brent has risen in price by about a quarter.
One of the main drivers of the rise was concern over supply disruptions from the Middle East. Oil traffic through the Strait of Hormuz has declined significantly, and new Houthi attacks on Saudi Arabian energy facilities have heightened risks for routes through the Red Sea as well.
China’s resumption of oil purchases is putting additional pressure on prices. At the same time, the physical market remains tight: supply is limited, and a number of major banks have already revised their oil price forecasts upward.
Future trends will depend primarily on the situation surrounding the Strait of Hormuz and other key shipping routes. Persistently high oil prices could intensify inflationary pressures and increase business costs for energy and logistics.
Source: Bloomberg
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