Brent crude remained above $104 a barrel on Friday, October 9, as Middle East fighting and attacks on shipping kept supply risks elevated and revived fears that higher energy costs could rekindle global inflation.
Market data put Brent at about $104.43 a barrel, up roughly 0.14% from the previous session, although other market reports showed slightly different closing figures depending on the contract and data source. The latest price move followed a sharp rally earlier in the week, when concern over tanker attacks in and around the Strait of Hormuz pushed crude higher. Hormuz is a crucial energy corridor, and shipping volumes have remained below pre-conflict levels despite efforts by Gulf producers to maintain exports.
Traders are also monitoring the risk that continued fighting could disrupt oil production, refined-fuel supplies and insurance and transport costs. The conflict has increased the premium investors demand for holding energy-related assets, adding pressure to currencies and government bonds. Higher crude prices could make it harder for central banks to bring inflation down, potentially delaying interest-rate cuts or forcing policymakers to keep borrowing costs higher for longer.
A separate threat from Hurricane Isaias, which temporarily shut part of U.S. Gulf oil production, added to the market’s supply concerns.