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Brent crude rose 3% to $112 a barrel, its highest since May 18, after attacks on tankers in the Strait of Hormuz and Saudi Arabia raised supply concerns. Global shares fell, led by tech and AI stocks, as investors weighed Middle East escalation.
Trump and Putin agreed to temporarily lift sanctions on Russian diesel imports, but analysts say the quantity is too small and shipping too slow to significantly lower US diesel prices. Ukrainian President Zelenskyy stated he was not informed of the deal.
Brent crude rose 3.8% to $104 per barrel on Thursday amid fears of escalating Middle East conflict and a potential hurricane off the US coast. President Trump said oil prices will 'drop like a rock' once the Iran war ends.
Global stocks fell in premarket trading as a stalemate in the Middle East pushed oil prices higher. The Reserve Bank of Australia faces a complicated inflation fight due to rising fuel costs from the conflict.
Oil prices rose above $108 per barrel after drone attacks from Iraq forced Saudi Arabia to close its east-west crude pipeline, potentially affecting 4% of global supply. Nova Scotia heating oil prices surged up to 40% as residents brace for a costly winter.
Oil prices surged to $105 a barrel, with Brent crude exceeding $106, as Middle East hostilities escalate and Houthi forces threaten the Bab el-Mandeb strait. Borrowing costs also rose amid fears of prolonged conflict impacting global supply chains.
Brent crude rose 2.1% above $100 per barrel for the first time since July 2026, following renewed US-Iran attacks in the Gulf and Houthi strikes on Saudi cities. The Guardian reports the milestone was triggered by escalating Middle East war fears disrupting global supply.
