Oil crosses $100 as tanker path corrected

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........

© Dawn Business