Oil Price Today: Brent Climbs Above $103 as Hormuz Risk, U.S.-Iran Deadlock Drive Crude Higher
Brent crude rose $1.47 to $103.38 a barrel Thursday as U.S.-Iran talks stalled and Iran seized two ships in the Strait of Hormuz. U.S. gasoline and distillate inventories dropped sharply, while exports hit a record 12.88 million barrels per day. Brent later neared $105 as European shares fell and bond yields climbed. Asia’s crude imports are set to drop 22% in April, the lowest since 2016.