Brent Tags $109.99 as Hormuz Strike Sinks Container Ship

Brent crude for December delivery surged 3.33% to $109.50 a barrel, with an overnight spike touching $109.99, after CENTCOM confirmed an Iranian Revolutionary Guard Corps projectile sank a Singapore-flagged container ship transiting the Strait of Hormuz. WTI followed in lockstep, climbing 3.41% to $101.30, marking the first close above the century mark since the conflict escalated in February.

The chokepoint attack reignited fears over the roughly 20% of global oil flows passing through Hormuz daily, overriding earlier signs of easing supply disruption. Energy Secretary Chris Wright's comments that gasoline and diesel prices have 'peaked' did little to cool the overnight rally, though prices did retreat from the five-month high during Asian and European sessions as traders weighed recovering Middle Eastern output against fresh shipping-lane risk.