Brent Crude Jumps Toward $100 After Tanker Attacks

Oil prices surged after tanker attacks in Iraqi waters raised concerns about global supply disruptions. According to Bloomberg, Brent crude jumped more than 8% in a single session, briefly nearing the $100 per barrel level.

The incident prompted authorities in Iraq to halt operations at several oil terminals, increasing fears of broader instability across Middle East shipping routes. Traders are also closely watching developments around the Strait of Hormuz, a critical passage that carries about 20% of the worlds oil supply.

In response to rising market tensions, the International Energy Agency announced a coordinated release of roughly 400 million barrels from strategic reserves. However, the move has so far done little to calm markets as geopolitical risks remain high.

Analysts warn that continued disruptions to Middle East oil transport could keep prices volatile and push energy costs higher globally, potentially adding new inflation pressures to the global economy.