Brent Oil Tops $90 as Middle East Attacks Threaten Hormuz Flows

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Or sign-in if you have an account.5d1we2w1}85q8jz3elptvr{(_media_dl_1.png ICE(Bloomberg) — Brent crude jumped after the US and Iran escalated hostilities over the weekend, including the targeting of vessels attempting to transit the Strait of Hormuz and an attack on a key oil facility in Kuwait.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe global benchmark climbed more than 3% to trade around $91 a barrel, the highest since mid-June, while West Texas Intermediate was near $85. Tehran said the ceasefire between the US and Iran had effectively collapsed, raising the prospect of deeper disruptions to energy flows through the strait.The Iranian Navy said Sunday that it had halted four unidentified vessels attempting to use an “unsafe route” through Hormuz after they disregarded warnings. Two “met with accidents and were stopped in their tracks,” while the others “abandoned the route and turned back,“ the navy said.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againA week of tit-for-tat attacks by both sides has expanded beyond strictly military targets to include bridges, utilities and port facilities, signaling little prospect of a return to the fragile truce. Kuwait Petroleum Corp. said Iran struck an oil facility on Saturday, causing significant damage.Intensifying strikes over the weekend “all point to scope for the conflict to broaden in scope and length,” said Saul Kavonic, senior energy analyst at MST Marquee. “Direct targeting of oil infrastructure in the region, or any successful attempts by the Houthis to hinder the Red Sea route, would be needed to accelerate the price increases.”The Iran-backed Houthi militants in Yemen has disrupted commercial shipping through the Red Sea chokepoint in periods of elevated tension in the Middle East. Last week, their chief threatened to attack Saudi oil facilities after firing ballsitc missiles and drones on the kingdom.Kuwait bore the brunt of Iran’s retaliation, while Bahrain was also targeted. Israel said Sunday that it intercepted an Iranian drone near the Israel-Syria border. US forces struck Qeshm Island in the Persian Gulf, as well as southern cities including Shadegan, Sirik and Hajiabad, Iranian media reported.The US has resumed blockading Hormuz while Iran’s attacks on ships around the waterway have jeopardized the “shuttle run” trade through which Persian Gulf producers ferried out cargoes. US Energy Secretary Chris Wright said the number of ships going through Hormuz is down, but larger tankers are now transiting. He made the remarks in an interview with ABC’s This Week.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.