Brent Crude Tops US$100 Amid Strait Of Hormuz Tensions

ISTANBUL, March 13 (Bernama-Anadolu) -- Brent crude futures climbed above US$100 per barrel on Friday, rising about 1.0 per cent day-on-day, as geopolitical tensions escalated following statements by Iran’s new Supreme Leader, Mojtaba Khamenei, Anadolu Ajansi reported.

Brent briefly traded above US$100 during Asian and European trading hours as markets reacted to concerns over further disruptions to oil flows from the Persian Gulf, a vital energy corridor through which roughly one-fifth of global oil supply passes.

In his first public statement since taking power, Khamenei said the Strait of Hormuz should remain closed to pressure Iran’s adversaries and warned that all US military bases in the region could become targets if they are not shut down.

The remarks intensified fears that the ongoing conflict could further disrupt crude shipments. Tanker traffic through the strait has already been severely curtailed, creating one of the most significant energy supply shocks in decades.

Energy traders quickly priced in the risk of a prolonged supply squeeze as regional tensions mount, with authorities warning that millions of barrels per day have already been removed from global markets, raising concerns about sustained volatility and inflationary pressure.

Khamenei, son of the late Ayatollah Ali Khamenei, was appointed Iran’s supreme leader earlier this month.

US officials said Thursday that Iran has begun laying mines in the Strait of Hormuz, using smaller boats after larger vessels were destroyed by US forces, a move that could further disrupt global shipping.

-- BERNAMA-ANADOLU