DevelopingCommodityBrent crude . Strait of Hormuz . Hurricane IsaiasHigh impactBy Kumar Singh0 views
Record Hormuz Tanker Strikes and Hurricane Isaias Lift Brent Above $104
Brent crude settled at $104.28 a barrel, up 4%, and WTI at $91.49 after ten tankers were struck near the Strait of Hormuz in a single week, a record. Hurricane Isaias forced producers to shut about 500,000 bpd, roughly a quarter of US Gulf of Mexico output.
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Tanker transits through Hormuz dropped to their lowest in over two months, cutting into a recent recovery in Gulf crude flows. Shell and Chevron curtailed Gulf production and evacuated staff. Prices eased from session highs after Trump said the US would not strike Iran before the midterms.