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LONDON: Brent crude climbed past $100 a barrel on Friday as it became clear an Indian tanker did not sail through the Strait of Hormuz, but had departed from Oman east of the strait, which has been closed since the US-Israeli war against Iran began.
Brent futures for May were up $1.37, or 1.36 per cent, to $101.83 a barrel at 1555 GMT, heading for a weekly increase. US West Texas Intermediate (WTI) crude for April gained 53 cents, or 0.55pc, to $96.26 a barrel, and was set for an uptick on the week.
Both benchmark prices surged more than 9pc on Thursday and hit their highest levels since August 2022.
An India-flagged oil tanker was said by an Indian government official to be moving east of the Strait of Hormuz carrying gasoline bound for Africa, leading to the misperception that the ship had passed through the strait itself.
Meanwhile, the US issued a 30-day licence for countries to buy Russian oil and petroleum products stranded at sea, with Treasury Secretary Scott Bessent saying it was a step to stabilise global energy markets roiled by the US-Israeli war on Iran.
The announcement on Russian oil came a day after the US Energy Department said Washington would release 172 million barrels of oil from its Strategic Petroleum Reserve to help curb skyrocketing oil prices.
Published in Dawn, March 14th, 2026
