Oil price today: Oil surges past $US100 again, send shares down
Commodity prices are climbing again on Friday as traders watched new attacks on shipping and ports in the Middle East.
Energy prices surged this morning as the outlook for oil supplies from the Middle East worsened, sending US stocks down.
The Brent Crude international benchmark for oil hit $US101.70 a barrel as Iran extended attacks on shipping in the Strait of Hormuz and ports in the Persian Gulf. US West Texas Intermediate (WTI) oil fetched $US96.50 a barrel.
“The conflict has now moved beyond a short-lived geopolitical shock and into a phase where supply losses are increasingly structural rather than transient,” said ANZ Bank’s economics team. “To date, we think markets are under-pricing the likely duration of the disruption and the risk of compounding supply losses.”
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By continuing you agree to our Terms and Privacy Policy.Shares in ASX-listed oil and gas supply businesses Woodside and Santos have both jumped more than 10 per cent over the past month in response to higher energy prices. The S&P/ASX 200 is down 3.5 per cent over the past week.
Iron ore futures traded in Singapore for April 2026 jumped 4.3 per cent to $US108.60 a tonne on Thursday evening, near their highest level in more than a year.
Iron ore rose after three cargoes of the steel-making ingredient mined by London-based Anglo American, and two from Brazil’s Vale SA, had their destinations changed, according to ship-tracking data from analytics company Kpler.
More to come.
