Economy / Markets
Brent holds above $109 as Gulf shipping risk stays priced in
Brent steadied above $109 a barrel, roughly 79% higher than a year earlier, as attacks on commercial vessels and exchanges between Saudi Arabia and Houthi forces kept supply risk in the price. US energy secretary Chris Wright said Gulf shipments had recovered to about 80% of pre-war levels while refined product flows stayed limited, and Washington is moving to let sanctioned tankers trade legally. Hormuz transit volumes had fallen sharply the previous week.