The price of May Brent futures on the London ICE Futures exchange rose by $6.09 (6.62%) to $98.07 per barrel at 7:12 a.m. Earlier during the session, Brent again exceeded $100 per barrel. On Wednesday, the contract rose in price by $4.18 (4.8%) to $91.98 per barrel.
WTI crude oil futures for April delivery on the New York Mercantile Exchange (NYMEX) are currently up $5.29 (6.06%) to $92.54 per barrel. At the end of the previous session, the value of these contracts rose by $3.8 (4.6%) to $87.25 per barrel.
An Iranian underwater drone attacked two oil tankers in the Persian Gulf overnight, Iranian state television IRIB reported. Earlier, a source in the Iraqi security service in Basra told CNN that a ship loaded with explosives rammed into two tankers at once.
CNN specifies that the ships Zefyros, flying the Maltese flag, and Safesea Vishnu, flying the Marshall Islands flag, were on fire. The registered owner of the Safesea Vishnu is the American company Safesea Transport Inc., while the owner of the Zefyros is based in Greece.
Iraq’s oil ports have been suspended following the fire, according to Farhan al-Fartousi, head of the Iraqi Ports Authority. He said one person had died and 38 others had been rescued.
Meanwhile, Oman has ordered ships to leave the Mina al-Fahal export terminal as a precaution, Bloomberg reports, citing informed sources. According to Kpler, about 1 million barrels of oil were exported from the terminal daily.
Earlier, a representative of the Iranian armed forces said that the world should prepare for oil at $200 per barrel, as fuel prices depend on security in the region, and Israel and the US have violated this security with their actions.
“The only thing that could lead to a long-term decline in prices is the resumption of oil supplies through the Strait of Hormuz,” ING analysts wrote. “If this does not happen, we can expect new highs.”
Oil prices rose yesterday, despite the fact that OPEC member countries agreed to supply a record 400 million barrels from their strategic reserves to the world market. The timing of the release of reserves will depend on the circumstances in each individual country. The total strategic oil reserves of IEA member countries exceed 1.2 billion barrels, with another 600 million barrels in state-owned industrial reserves.
“The release of IEA oil reserves may only be a temporary solution, while supply disruptions and significant production cuts in some Middle Eastern countries could cause a long-term supply shortage,” said Tina Teng of Moomoo ANZ.
On Wednesday, it was also reported that commercial oil reserves in the US rose by 3.824 million barrels last week to a maximum of 443.1 million barrels since May 2025. Experts had forecast an average increase of 1.1 million barrels, according to Trading Economics.
Earlier, the Experts Club information and analytical center released a video dedicated to global oil production in 1900–2024 and the leading producing countries.
Brent, EXPERTS CLUB, IRAN, OIL, TANKER
