Oil Tops $100 as Supply Crisis Deepens

Crude oil prices were on course for a sizable weekly gain today, as the Strait of Hormuz remains almost entirely paralysed and the Yemeni Houthis target tankers in the Bab el-Mandeb Strait in the Red Sea.

To make matters worse, Kazakhstan has suspended oil flows via the Caspian Pipeline Consortium system following Ukrainian drone attacks. At the time of writing, Brent crude was trading at $100. 30 per barrel, with West Texas Intermediate at $91.