Brent holds above $100 after Hormuz attacks

Brent crude held above $100 on Thursday, rising 0.68% to $101.90 following Hormuz attacks that threatened shipping flows. WTI gained 1.81% to $97.79, compared with levels close to $98 earlier in the session.

Iranian officials said Iran had attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers. Iran's Revolutionary Guard Corps said it would escalate its response to any further attacks, keeping the narrow waterway in focus for energy traders.

Hormuz risk lifts crude benchmarks

In India, crude opened with a mild gap-up and traded around Rs 9,140 on the Multi Commodity Exchange, up 0.45% from the previous close. Analysts cited resistance at Rs 9,150 to Rs 9,200 after the extended rally, with a sustained break above Rs 9,200 pointing to Rs 9,350 to Rs 9,400.

Support was placed at Rs 9,000 to Rs 8,950, followed by Rs 8,800 to Rs 8,750, analysts said. The Relative Strength Index near 71, compared with the 70 threshold often used for overbought conditions, indicated firm momentum but also left room for consolidation, analysts said.

For WTI, analysts put support at $95 to $94 and then $92 to $91, with resistance near $98 before a possible test of $100. WTI's RSI at 69 sat just below the same 70 threshold, leaving the immediate signal tied to whether prices hold above $95 or clear $98.

If Hormuz traffic remains impaired through September 11, 2026, higher crude would feed into inflation expectations globally, support upstream producers and raise input costs for refiners, airlines and fuel distributors. If shipping stabilizes instead, Brent's $100 level becomes the first test for whether the supply premium narrows.