Brent Tops $100 as Houthi Attacks Push Oil Rally Into Triple Digits
Brent crude has broken back above $100 a barrel for the first time in nearly two months as escalating attacks on commercial shipping in the Red Sea deepen concerns that the Middle East supply crisis is spreading beyond the Strait of Hormuz. As of mid-morning Thursday, front-month Brent for September
Source: OilPrice.com
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DW NOTE
Brent hit $101.20 — up 7.5% on the day — on a supply shock that has already removed 8 million barrels per day from global production and left the Strait of Hormuz effectively closed since February. The rally isn't pricing in risk; it's pricing in a shortage that's been measurable for five months.