Brent crude tops $112 as Strait of Hormuz attacks escalate

Brent crude oil surpassed $112 per barrel on Thursday, the highest level since May, as escalating Middle East tensions fueled fears of further disruptions to global oil supply. Brent futures peaked at $112.50 in early trading before easing to $111.95, while West Texas Intermediate rose nearly 2.4% to around $99.5 per barrel. The surge followed reports of multiple ships catching fire in the Strait of Hormuz overnight, with Iran intensifying attacks on commercial shipping in the strategic waterway. Iran's navy said it struck four vessels involved in alleged illegal oil transfers and reported three more ships hit mines in the strait. Saudi Aramco reportedly asked staff to evacuate its Dhahran headquarters after recent attacks, while US crude inventories fell by 3.06 million barrels, more than expected, adding to supply concerns.