Brent closes above $101 a barrel

Brent crude closed above $101 a barrel after fighting between the United States and Iran raised concern that Middle East exports could be disrupted. Attacks on Saudi energy facilities and tankers added to supply fears. Iran also announced a shipping corridor with Oman through the Strait of Hormuz.

• $101.21Brent closing price per barrel — Highest close since May
• 3.4%Brent’s Wednesday price gain — During escalating Gulf fighting
• 400,000 barrels a dayJazan refinery processing capacity — The refinery was claimed targeted

Q1

Why does Brent matter globally?

Brent is the international oil benchmark, so its movement is widely used to gauge the cost of crude supplies.

Q2

How could shipping rules raise prices?

Iran’s planned restricted maritime zone would require vessels to coordinate with Tehran, potentially complicating tanker traffic through the Strait of Hormuz.

Q3

What could consumers face next?

Higher crude prices can feed into diesel and gasoline costs, adding pressure to inflation in countries that import oil.

Q4

How unusual was the closing price?

The Brent close was its highest since late May, after more than a three-percent rise during Wednesday trading.

• Nikkei
• CNBC
• Sud Ouest
• eleconomista.com.mx
• El Pais Uruguay
• Anadolu Agency
• CNN
• The Hindu