Brent rose above Wednesday the $101 per barrel mark for the first time since May, supported by escalating tensions between the United States and Iran as well as by stronger Chinese demand for oil.
The U.S. military said it had destroyed five Iranian crude-carrying tankers, after attempts, according to Washington, to strike a U.S. Navy warship with ballistic missiles.
Iran, for its part, said it had attacked two American vessels as well as eight oil tankers in the Gulf. Tehran also urged the crews of ships near the ports of Kuwait and Bahrain to abandon their vessels.
This new escalation fuels market concerns about possible further disruptions to global oil supply, particularly around the Strait of Hormuz, a strategic axis for the maritime transport of hydrocarbons.
The Houthis, backed by Iran, have also targeted energy infrastructure in southern Saudi Arabia, notably the Jazan refinery, whose capacity reaches 400,000 barrels per day.
These developments amplify concerns about the security of energy infrastructure and maritime routes in the region.
Beyond geopolitical tensions, Chinese purchases are also helping to support oil prices.
China’s demand has notably supported prices for African, Canadian and Latin American crudes, as Beijing seeks to rebuild its stocks of oil and fuels, which had diminished.
China had this year limited certain imports of petroleum products that had become more costly in the context of the Iran war.
