Brent Crude Smashes $100 as Hormuz Tensions Reignite

Brent crude pushed above the $100 per barrel threshold on Wednesday, a level analysts have flagged as inevitable for months given persistent chokepoint risk. Tanker traffic through the Strait of Hormuz had been improving since spring, temporarily capping prices, but renewed escalation has reversed that trend abruptly.

API data adds fuel to the move: U.S. crude inventories excluding the SPR have shed roughly 48 million barrels over 21 weeks, with a further 300,000-barrel draw reported for the week ending September 4. Tightening supply alongside geopolitical flashpoints leaves little room for near-term downside, keeping upside momentum firmly intact for now.