Brent Breaks $100 for the First Time in Nearly Two Months
Brent Breaks $100 for the First Time in Nearly Two Months What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon.
As of early morning trade in Europe on Wednesday, the international benchmark,Brent Crude, jumped by 2.25% to top $100 per barrel.
At $100.12, this was the highest level Brent has reached since July 24, when the first of several re-escalations in the Middle East hiked oil prices.
benchmark,WTI Crude, was also rallying, rising by 1.80% to $94.67 and headed to the $95 per barrel mark.
The price rally this week has been triggered by the renewed hostilities between the United States and Iran, with the U.S.
militarydestroying Iranian oil tankersand Iran and its Yemen-based allies, the Houthis, targeting energy infrastructure in the region,including in Saudi Arabiaon Tuesday.
Central Command (Centcom)announcedlate on Tuesday that American forces had destroyed five Iranian crude oil carriers, once again claiming that it was in response to the IRGC targeting a U.S.
Four of the carriers, M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco, were destroyed in the Gulf of Oman.
One of the carriers, M/T Derya, was struck near Kharg Island.
Iran retaliated by firing ballistic missiles towards Jordan, while also warning that vessels in the Persian Gulf could be targeted.
forces in Jordan, with Jordan’s Armed Forcesconfirmingthat 20 ballistic missiles had been fired from Iranian territory.
Jordan’s Armed Forces intercepted and destroyed 18 of them and reported that the remaining two fell on unpopulated areas and there were no casualties recorded.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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