Brent holds above $100 as tanker attacks dampen hopes for Hormuz traffic recovery

Brent crude futures climbed 94 cents to $102.15 a barrel on Thursday, according to The Express Tribune, extending a rise that pushed the benchmark above $100 in the previous session. West Texas Intermediate gained $1.45 to $97.50 as traders braced for more supply disruptions after Iran and the US carried out their heaviest attacks on shipping since the six-month-old conflict began.

Brent has risen nearly 30 per cent from its early August lows, after a lasting ceasefire between Washington and Tehran failed to materialise and fighting resumed later that month. Iran said it hit 10 vessels in the Hormuz area on Wednesday, following the US sinking of five Iranian oil tankers, and the Revolutionary Guards vowed a sharper reply should more attacks follow. Flows through the Strait, which carried close to a fifth of worldwide oil and gas before the conflict, remain well below pre-war levels.

According to the report, the rally's durability depends largely on China, the world's biggest crude importer, which has increased purchases after months of weak demand. ING said a recovery in Chinese buying could magnify any supply disruption, while a drop in imports could temper gains. Houthi militants have stepped up strikes on Saudi Arabia and taken control of the Yemeni Red Sea city of Mocha, according to sources cited by Reuters.