BREAKING: Brent Could Hit $100 As Attacks Dent Hopes For Strait Of Hormuz Reopening
Oil prices have jumped as attacks on shipping in the Middle East cast doubt on prospects for a breakthrough in negotiations to reopen the Strait of Hormuz.
Brent crude rose more than 2 percent overnight into Wednesday, taking the international benchmark to close to $90 a barrel.
Brent futures for October delivery stood at $89.61 as of 03:00 GMT, up about 24 percent compared with before the start of the US-Israel war on Iran in late February.
“Markets have not completely lost hope for a deal, but confidence is clearly eroding,” Tim Waterer, chief market analyst at Australia-based KCM Trade in Sydney, told Al Jazeera.
“The longer talks drag on without visible progress, and the more complex the reported demands become, the greater the scepticism that a workable agreement can be reached quickly,” Waterer said.
“Optimism from earlier in the month is steadily being replaced by a more cautious, risk-premium-driven stance.”