Brent Crude Hits $110 Amid Rising Tensions in Strait of Hormuz

The price of a barrel of Brent crude reached the $110 mark this Friday. This movement follows an escalation of Iranian attacks in the Strait of Hormuz and new offensives in Ukraine.

The Strait of Hormuz region has recorded attacks against at least nine cargo ships and oil tankers since Sunday. The United States Central Command confirmed that Iran sank the container ship GFS Pride during the week.

In Saudi Arabia, military forces intercepted missiles fired by Houthi militants toward the Yanbu export terminal. Three drones were destroyed in Riyadh and the southern regions of the kingdom. Additionally, an Aramco administrative building in Dhahran was hit on Tuesday by militant fire.

The instability extends to Eastern Europe with the end of the energy truce between Russia and Ukraine. The Ukrainian government stated it will resume attacks against Russian refineries as a form of retaliation.

Oil exports through Hormuz have fallen to 9.4 million barrels per day. This volume represents only 70% of the average recorded before the start of the Iranian conflict.