Brent Crude Nears $98 on US Strikes Impacting Strait of Hormuz Deal
E•Brent crude rose toward $98 while West Texas Intermediate neared $91 after US forces struck missile-launch sites and mine-laying boats near the Strait of Hormuz, undermining an interim ceasefire and reopening deal. The strait remains effectively closed by US and Iranian blockades, threatening global oil shipments.
1. Oil Price Surge Followed US Strikes
Brent rose toward $98 while WTI approached $91 after US forces targeted missile-launch sites and mine-laying boats near Sirik and Jask, heightening uncertainty over the Iran ceasefire and Hormuz reopening deal.
2. Strait of Hormuz Remains Closed
Despite negotiations to extend the truce for two months, the strait stays effectively closed under US and Iranian blockades, putting about a fifth of global oil and LNG shipments at risk.
3. Impact on Eni's Operations
Renewed geopolitical tensions add a risk premium to crude prices, potentially increasing Eni's feedstock costs, disrupting export logistics, and squeezing refining margins if Hormuz access remains restricted.
