Brent crude tops $100, WTI nears $92 amid fresh Strait of Hormuz attacks

Brent crude has moved above $100 a barrel and WTI is approaching $92 following fresh attacks in the Strait of Hormuz, a chokepoint through which a substantial share of global seaborne oil passes. The primary transmission channel is supply risk: the threat of physical disruption to Gulf exports raises the risk premium embedded in front-month prices and steepens the forward curve as traders bid for prompt barrels. The Brent-WTI spread, which reflects the seaborne versus inland-US price differential, is the clearest read on how the shock is being priced across benchmarks. Energy equities, tanker and shipping names, and refiners exposed to Middle East crude grades are the most directly exposed, while airlines, petrochemical users and emerging-market importers face margin pressure. Traders should watch the next weekly EIA inventory report and any official statements on Gulf shipping insurance and naval escort operations, as these will indicate whether flows are actually disrupted or whether the move remains a headline-driven premium.

Brent crude is the international oil benchmark, priced in the North Sea. Unlike WTI it reflects global supply/demand — Middle East geopolitics, OPEC+ cuts, Russian export sanctions, and Asian refinery demand all drive Brent intraday.

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