Oil holds near $100 as Hormuz tanker hits continue
Brent crude stayed near $100–$102 into the weekend even after G7 members agreed to release 100 million barrels of oil and diesel. UKMTO says at least three commercial vessels were struck near Hormuz since Oct. 1. Drivers and truckers still face a war premium at the pump while cash oil markets are closed until Monday.
Brent crude remained stuck near $100 a barrel into Sunday after briefly dipping below that mark on Friday's G7 reserve announcement, then climbing back toward about $102 in evening trade, according to Al Jazeera and Times Now. West Texas Intermediate had softened near the low-$90s on Friday releases, but tanker risk and a refined-product squeeze kept the war premium alive while cash markets stayed shut for the weekend.
The United Kingdom Maritime Trade Operations center said at least three commercial vessels were struck by unidentified projectiles in and around the Strait of Hormuz since Oct. 1, including a Saturday hit on a crude tanker about four nautical miles east of Oman. Iranian state media, citing Revolutionary Guard-linked outlets, claimed seven tankers were targeted over five days — a higher count U.S. and Western shipping desks have not confirmed the same way. Defense Secretary Pete Hegseth said the U.S. blockade is "ironclad" and that traffic is running near prewar levels, rejecting Tehran's claim of control.
Macron said Hormuz-plus-Yanbu flows are about three-quarters of prewar volumes, and Kpler data cited by The National showed at least 16.5 million barrels a day leaving the Middle East in September. That crude recovery has not fixed diesel and gasoline shortfalls that Foreign Policy linked to missing refined-product flows of roughly three million barrels a day. Households feel the tip of that chain: U.S. retail diesel recently ran near a record $6.50 a gallon before a modest Friday ease.
Backstory: the Iran war that began Feb. 28 jammed the world's key oil chokepoint and forced escorts, ship-to-ship transfers, and alternate Red Sea routes. Friday's G7/IEA 100-million-barrel release aims to calm prices without pretending the strait is normal.
Where to watch: Monday's crude open and any new UKMTO warnings overnight.
What we know:
Brent held near $100–$102 despite the G7 release path. UKMTO confirmed multiple commercial vessel strikes since Oct. 1. Crude flows have partially recovered; refined products have not.
What we don't:
Whether Monday trading prices the weekend tanker hits as short noise or a fresh insurance spike, and how much of the reserve release is diesel versus crude in practice.
Where outlets agree Times Now, Al Jazeera, and The National agree Brent stayed near $100 into the weekend even after a G7/IEA plan to release about 100 million barrels.
Where they differ UKMTO reports at least three vessel strikes since October 1, while Iranian state media claim seven hits and attribution remains contested.