Brent Crude Nears $100 on U.S.-Iran Tanker Strikes — SkimNews
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- Brent crude futures rose 1.55% to $99.44 a barrel while WTI jumped 1.75% to $94.66, as escalating U.S.-Iran tensions fueled fears of broader Middle East supply disruptions.
- U.S. forces destroyed five Iranian crude tankers Tuesday after they attempted to attack an American warship, which evaded the strike; no American personnel were harmed, Centcom said.
- Goldman Sachs co-head of global commodities research Daan Struyven told CNBC the intensifying and broadening shipping attacks are raising the probability of Brent exceeding $120 a barrel.
- Goldman's base case still assumes Persian Gulf exports will gradually recover through alternative shipping routes and eventually additional pipeline capacity.
- The U.S.-Iran conflict is now in its seventh month, with military strikes resuming late last month after a roughly month-long pause during which Washington pivoted to economic pressure on Tehran.
Why it matters: With Brent at $99.44, Goldman Sachs says the probability of its $120 'alternative upside' scenario — stagnant Persian Gulf exports — is rising. The destruction of five Iranian tankers after a month-long strike pause shows Washington's economic-pressure phase has ended, leaving energy buyers to reprice supply risk against renewed kinetic escalation.
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