Oil Prices Surge Again: Brent Crude Near $100, WTI Jumps as Hormuz Stays Shut
Brent crude rose 8% to $99.38 after Iran said the Strait of Hormuz would remain shut and tanker attacks in Iraqi waters deepened supply fears. The International Energy Agency expects global supply to fall by 8 million barrels a day in March, calling it the biggest disruption on record. U.S. gasoline inventories fell 3.7 million barrels last week as drivers rushed to fill up. TotalEnergies reported a 15% output loss after shutdowns in the UAE, Qatar, and Iraq.