Brent Oil Tops $90 as US-Iran Attacks Escalate

Summary

Bloomberg's Stephen Stapczynski details how escalating US-Iran attacks have reduced traffic through the Strait of Hormuz and expanded to targeting energy infrastructure in Kuwait. The disruptions are creating anxiety in oil markets, with Brent crude topping $90 and WTI above $84, as fears grow of a spiral into more severe supply damage.

• Traffic through the Strait of Hormuz has been severely reduced, with ships turning off transponders and exercising caution due to Iranian threats.
• Iran reportedly turned back vessels and may have damaged one, keeping danger alive in the waterway.
• Attacks have broadened from military targets to energy infrastructure, including Kuwaiti assets.
• There are fears of a return to March-style strikes on refineries, pipelines, and oil/gas facilities.
• Brent crude oil rose nearly 4% to around $90 a barrel; West Texas Intermediate was above $84.
• The situation could shift market focus from how quickly Hormuz reopens to how quickly damaged facilities can be repaired.