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Brent Surges Above $101 As Hormuz Attacks Offset Rising Tanker Flows
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CNBC TV18•07-10-2026, 06:33
Brent Surges Above $101 As Hormuz Attacks Offset Rising Tanker Flows
- •Brent crude traded above $101 a barrel while US West Texas Intermediate hovered near $90 amid ongoing market volatility.
- •UK Maritime Trade Operations logged at least nine attacks on vessels in the Strait of Hormuz this month.
- •US Vice President JD Vance acknowledged the strikes by Tehran but noted they were not enough to halt the flow of oil and gas.
- •Shell CEO Wael Sawan warned that global stockpiles are shrinking and the world is running out of stopgap measures.
- •The International Energy Agency scheduled discussions on a potential emergency release of up to 100 million barrels from inventories.
Key Questions Answered
Oil prices climbed as a recovery in shipments through the Strait of Hormuz was balanced against a rise in Iranian attacks on vessels.
Saudi Arabia is pumping 5.8 million barrels a day through its cross-country pipeline to the Red Sea to bypass the volatile Strait of Hormuz.
The International Energy Agency is holding discussions on an emergency release of up to 100 million barrels from diesel and crude inventories pledged by Group of Seven leaders.
