Oil prices jumped around 5 percent on Thursday, with Brent crude climbing back above $105 per barrel as fresh attacks on oil tankers in the Strait of Hormuz raised concerns over supply disruptions.
Brent crude rose 4.81 percent from Wednesday’s close to $105.02 per barrel, while West Texas Intermediate gained 5 percent to $92.69 per barrel.
Oil prices had fallen earlier in the week after the International Energy Agency said it would determine how to release 100 million barrels of crude oil and fuel pledged by G7 countries. However, much of the planned release had already been priced into the market, limiting its impact on prices.
According to Reuters, fresh attacks on oil tankers in the Strait of Hormuz pushed crude prices higher.
Twelve attacks were recorded between September 28 and October 2, the highest weekly number since the Iran war began.
Oil tanker traffic through the strategic waterway has also fallen sharply. Data from Kpler showed flows on Tuesday dropped to their lowest level since late July.
Meanwhile, oil producers and refinery operators in the Gulf have started shutting in production and making preparations ahead of an approaching storm, adding to concerns about potential supply disruptions.
