Economy / Markets
Brent holds below $100 despite Strait of Hormuz and Red Sea disruption
Brent crude rallied through September but remained under $100 a barrel on September 8, even as US-Iran escalation has disrupted Gulf exports through the Strait of Hormuz and the Red Sea. WTI traded near $92.30 in the Asian session after touching a two-month high of $93.29, with Trading Economics data showing crude at $92.37, up 12.47% over the past month. The disconnect between physical supply pressure and price action is the puzzle Reuters flagged in a September 8 explainer on the US-Iran shock.