Brent crude oil reclaims $100 per barrel mark amid fresh attacks on oil tankers

Crude oil prices rebounded on Wednesday as fresh risks to oil supply emerged from the Middle East region. The Brent crude oil prices surged back above $101 per barrel, overnight gains on Tuesday.

The pullback was largely triggered by reports that Iran has intensified attacks on oil tankers in the Strait of Hormuz in the recent days. The UK maritime trade operations reporting nine such incidents so far this month.Besides this, Saudi Arabia, eliminated a ballistic missile launched by Houthis toward Khamis Mushait in Saudi Arabia.

The pullback in oil prices comes amid supply in the oil markets remains resilient, with the east-west pipeline supplying more than 5.6 million barrels per day. The Saudi’s Energy Minister also said that the oil supply from the region has scaled back to pre-war levels for the last four days of September.

Despite the pullback, the crude oil prices trade in the red for the week, down 0.6%. Brent crude oil prices made a low $97 per barrel on Monday and bounced back above $101 per barrel on Wednesday.

Meanwhile, the WTI crude oil prices continue to trade below the $90 per barrel threshold and trade over 1.5% lower for the week. The US crude oil inventories declined 2.1 million barrels last week, further adding supply concerns and keeping the prices elevated.

However, the prices are expected to remain under pressure, as International Energy Agency will meet later today to discuss the release of $100 million barrels of Disel and Crude oil, that the group pledged to release in the last week.

Despite the easing supply glut, the crude oil prices are far from reaching pre-war levels, despite the supply reaching March 2026 levels. The traffic continues to remain under the constant threat of attacks in the Strait of Hormuz, keeping the shipping and insurance costs high.

MCX crude oil prices

The MCX crude prices traded 1% higher at ₹8,725 per barrel on Wednesday, for the October contract, bouncing back from intraday lows of ₹8,388 made on Tuesday.