Oil tops $100 as Hormuz Strait stays shut
TL;DR Summary
Brent crude rose to just over $100 and WTI above $95 after Iran’s new supreme leader Mojtaba Khamenei said the Strait of Hormuz would remain closed, underscoring supply risks as the IEA warns of further disruption. A coordinated 400 million-barrel emergency stock release by major economies may not be enough to stabilize prices, and ongoing Gulf shipping attacks plus output cuts by producers add to the risk as markets price in a protracted conflict.
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- Iran's new supreme leader vows revenge on U.S., Israel Axios
- Strait of Hormuz must remain closed as 'tool to pressure enemy,' Iran's new supreme leader says CNBC
- Iran's secretive top leader vows to keep up attacks in his first statement since being appointed AP News
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