Crude futures have registered sharp upward movement, with international benchmark Brent temporarily breaching the $110 per barrel threshold, according to reporting by OilPrice.com. The contract touched its highest valuation in five months before easing slightly to trade at $109.68 per barrel.
US benchmark West Texas Intermediate also experienced significant momentum, briefly climbing past $100 per barrel before settling back to $98.55 per barrel during the session.
The price increases reflect deepening market pessimism regarding the continuity of normal maritime oil flows out of the Persian Gulf. Sustained tanker attacks in the Strait of Hormuz have reportedly caused severe disruptions to crude movements through the vital shipping corridor.