Brent Crude Jumps Above $107 as Hormuz Traffic Drops

Brent crude jumped more than 3 percent, up 3.21 dollars, to 107.82 dollars a barrel on Monday, September 14, after an Iranian ship was attacked in the Strait of Hormuz on Sunday and Saudi Arabia's East to West oil pipeline was damaged in a drone strike. Reuters reported that vessel transits through Hormuz fell to 14 a day over the weekend, below the 10 day average and far under the more than 100 daily transits recorded before the US and Israeli war on Iran began. US Energy Secretary Chris Wright told Bloomberg that oil flows through Hormuz averaged 10 million barrels a day over the past week, about two thirds of pre war levels. Sahmino's own price data showed Brent at 107.96 dollars as of 19:28 Tehran time on Tuesday, September 15, up 1.65 percent on the day.