WorldEconomy9 Sept

Brent crude holds above $100 after Iran-US shipping attacks

Brent crude held above $100 a barrel on Thursday after Iran said it attacked 10 ships near the Strait of Hormuz and the United States sank five Iranian oil tankers, heightening concerns over Middle East crude supplies.

Brent crude futures rose 0.1% to $101.34 a barrel by 0107 GMT on Thursday, while US West Texas Intermediate crude gained 0.5% to $96.55.

Brent settled $3.29, or 3.4%, higher at $101.21 a barrel on Wednesday after touching $101.58. WTI rose $3.02, or 3.25%, to $96.05. Both benchmarks closed at their highest levels since May 22.

The price gains came after Iran said it had attacked 10 ships near the Strait of Hormuz, while the United States sank five Iranian oil tankers. Iran's Revolutionary Guard Corps warned it would step up its response to further attacks. The Strait of Hormuz remained in focus.

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