Brent crude oil price nears $100 as attacks on tankers threaten to worsen supply shock

Brent crude rose 0.92% to $97.17 a barrel, nearing the $100 mark, while WTI gained to $92.27, extending a sharp rally driven by escalating US-Iran tensions and attacks on commercial tankers in the Strait of Hormuz. Tanker traffic through the strait has fallen to its lowest since May, with the US attacking three Iranian oil tankers over the weekend. Goldman Sachs warned oil could climb as high as $120 if attacks on shipping intensify, while OPEC+ kept output policy unchanged for October.