Brent Tops $110 as Tanker Attacks Disrupt Persian Gulf Oil Flows

Brent crude oil prices surged past $110 per barrel on Tuesday, with West Texas Intermediate also climbing above $100, as renewed tanker attacks in the Strait of Hormuz and Houthi strikes on Saudi Arabia intensified concerns over Middle Eastern crude supplies. According to Kpler data cited by Reuters, at least 18 tanker attacks occurred in the last two weeks, cutting daily Persian Gulf oil flows to 8.5 million barrels from over 20 million barrels previously. ING analysts noted the market is pricing in a significant risk premium due to the volatile situation. The Houthi escalation against Saudi energy infrastructure and military sites has further contributed to oil market volatility, with Brent trading at its highest level in five months as traders remain pessimistic about the resumption of normal oil flows.