FX.co ★ Brent Bounces Back to $100

Brent crude oil futures rebounded to around $100 per barrel on Wednesday after renewed attacks on commercial shipping near Iran. Maritime authorities reported that a Liberia-flagged container vessel came under fire from a gunboat believed to be linked to Iran’s Islamic Revolutionary Guard Corps. In a separate incident, two additional outbound cargo ships were also targeted.

These attacks represent a further escalation in a region where tensions over the strategic waterway remain high. Earlier, Iran suggested it had received indications that the United States may be willing to consider ending its blockade, potentially paving the way for renewed talks. At the same time, President Donald Trump extended a ceasefire but cautioned that restrictions would remain in place until negotiations are concluded. Iran has maintained that it will not reopen the strait as long as US naval interdictions continue.

The continuing disruptions are fueling serious supply concerns. Estimates of demand destruction are approaching 4 to 5 million barrels per day—roughly 5 percent of global supply—with Asia bearing the brunt of the impact.