Brent Crude Holds Above $100 Amid Strait of Hormuz Disruptions

Crude oil benchmarks held firm as geopolitical tensions and maritime disruptions in the Middle East severely restricted tanker traffic through critical energy corridors. Brent crude traded at $102.83 per barrel, while West Texas Intermediate stood at $90.33 per barrel.

### Catalyst Analysis: Maritime Traffic and Sanctions - **Tanker Traffic Decline:** Analysts from Kpler reported that crude crossing the Strait of Hormuz fell 27% from a wartime high to at least 10.1 million barrels per day, marking the lowest figure since late July. - **Vessel Attacks:** Data from a U.S. Navy-led joint information center recorded at least 12 attacks on tankers carrying crude oil, liquid petroleum gas, and liquefied natural gas between September 28 and October 2. - **Sanctions Expansion:** Reuters reported that the United States increased pressure on Iran with new sanctions targeting 17 tankers carrying Iranian crude, fuels, and petrochemicals, alongside designated individuals and networks.

### Impact on Energy Logistics Record-high freight rates for Persian Gulf routes and extensive ship-to-ship transfers—such as those conducted by Saudi Arabia in the Gulf of Oman—have tightened global vessel availability and driven physical delivery prices higher despite ongoing diplomatic talks.

### Winners, Uncertainties & Risk Watch - **Supply Pressures:** Regional vessel shortages and elevated attack risks continue to constrain logistics outside the Persian Gulf. - **Regulatory Risk:** Escalating enforcement actions and sanctions timelines create persistent volatility for global maritime operators and physical crude flows.