Brent Settles at $104.72 Amid Hurricane Isaias and Strait of Hormuz Attacks

Brent crude closed the settlement session at $104.72 a barrel, up 0.42%, while West Texas Intermediate (WTI) US crude closed at $91.85, up 0.39%, according to market pricing data.

The firmness in crude prices came as more than 70% of oil production in the Gulf of Mexico was shut down ahead of Hurricane Isaias, representing one of the largest offshore supply disruptions this year and reducing available supply in a market sensitive to shortages.

In the same context, attacks on oil tankers in the Strait of Hormuz reached their highest levels since the war began, after a fire broke out on a supertanker following a mine collision, adding further anxiety over a key energy export corridor.

The combination of weather pressure in the Gulf of Mexico and geopolitical risks in the Strait of Hormuz creates a double squeeze on supplies, explaining why prices held at elevated levels even as daily gains remained limited.

What do these terms mean?

Brent crude: The global benchmark for oil pricing, sourced from the North Sea and used as a price reference for over two-thirds of the world's crudes.

West Texas Intermediate (WTI): The benchmark reference for US oil prices, and one of the two main global pricing benchmarks alongside Brent.

Settlement: The official closing price at the end of a trading session, used as a reference for contracts and agreements the following day.

Strait of Hormuz: A narrow waterway connecting the Gulf to the Sea of Oman, through which a significant portion of global oil exports passes.