Brent Oil Closes Above $100 for First Time Since August 2022

Brent crude settled above $100 a barrel for the first time since August 2022 as millions of barrels remain trapped in the Persian Gulf, leading to the biggest oil market disruption in history.

The global benchmark soared 9.2% on Thursday as multiple vessel attacks across the Arabian Gulf signaled a broadening of Iran’s campaign of maritime disruption beyond the vital Strait of Hormuz. West Texas Intermediate rose 9.7% to settle at $95.73, the highest in almost four years.