Global oil prices jumped around 5% on Thursday, with Brent crude rising back above $105 per barrel as fresh attacks on oil tankers in the Strait of Hormuz raised concerns over supply disruptions.
Brent crude gained 4.81% from Wednesday’s close to reach $105.02 per barrel, while West Texas Intermediate (WTI) climbed 5% to $92.69 per barrel.
Oil prices had fallen earlier in the week after the International Energy Agency said it would decide how to release 100 million barrels of crude oil and fuel agreed upon by G7 countries. However, the planned release was largely priced into the market, limiting its impact on prices.
According to Reuters, 12 attacks on oil tankers were recorded between September 28 and October 2, the highest weekly number since the Iran war began. Tanker traffic through the Strait of Hormuz has also declined sharply, with flows on Tuesday falling to their lowest level since late July, according to Kpler.
Additional supply concerns emerged as Gulf operators began shutting in production and preparing refineries ahead of an approaching storm, adding further pressure to global oil markets.
