Oil prices experienced an upward movement on Thursday, with Brent crude surpassing the $100 per barrel mark. This increase is attributed to two primary factors impacting supply security and regional stability.
Reported incidents involving tankers in the Strait of Hormuz, allegedly carried out by Iran, have become more frequent, according to coverage by OilPrice.com. These events contribute to heightened geopolitical risk perceptions in a key global shipping lane.
Concurrently, operators in the U.S. Gulf of Mexico have begun curtailing crude production in anticipation of a potential hurricane. Such precautionary measures can temporarily reduce supply from a major oil-producing region.
At the close of trading, Brent crude was valued at $102.50 per barrel, representing an increase of over 2% since Wednesday's close. West Texas Intermediate (WTI) also saw a rise, trading at $89.96 per barrel, up 1.90% from the previous day. Earlier in the week, oil prices had trended downwards following an update from the International Energy Agency, as reported by OilPrice.com.