Brent crude hit $97.45 a barrel on Thursday as US strikes on Iran and Houthi attacks on tankers in the Red Sea tightened the oil trade. Andy Burnham business tax changes were not the market focus; the move came from supply-risk, not tax policy. Traders now face a tighter route map through both the Red Sea and Hormuz.
Brent at $97.45 on Thursday
3.7% was the jump in oil prices on Thursday morning, with Brent futures up 3% to $97.45 a barrel and West Texas Intermediate up 4% to $89.85. The move pushed Brent close to $100 a barrel for the first time since May, a level that forces fuel buyers and shipping desks to reprice near-term costs fast.
12th consecutive night was the pace of US strikes against Iran as the price move formed around the military escalation. Iran-aligned Houthis in Yemen then attacked Saudi Arabian oil tankers in the Red Sea, extending the same shock into shipping. That combination tightened the market from both ends: crude supply risk on one side, tanker-route risk on the other.
Bab el-Mandeb and Hormuz
More vessels diverted from the Bab el-Mandeb strait by Yemen after the attacks, and Saxo described the result as "creating what analysts describe as a two-chokepoint problem for oil". The other choke point is the strait of Hormuz, which makes this more than a one-route disruption. If traffic keeps rerouting, the market has to price longer voyages, tighter tanker availability and the chance of further delays.
$100 per barrel was the level Brent approached, but the contract still stopped at $97.45. That gap matters because it shows how close the market came without crossing the line that often dominates headlines and hedging models. For buyers tied to prompt cargoes, the practical issue is not the round number itself but whether Friday trading extends the same premium or whether the latest strikes and tanker attacks ease enough to pull routes back toward normal.
Jim Baumbick in Valencia
£5.7bn was the wider business backdrop for Ford and Geely, which agreed to join forces to build cars in Valencia, Spain. Jim Baumbick said, "What we’ve achieved in Valencia, with the ongoing support of Spain’s national and regional governments, is a masterclass in public-private partnership that sets the benchmark for the rest of Europe." He added that the deal shows how automakers are strengthening Europe’s industrial base, but cannot do it alone.
70% was the profit slide easyJet reported, another reminder that the same conflict pressure is feeding through to corporate costs and route planning. Alex Nan said the joint venture reflects Geely's commitment to open, collaborative product development as part of its growth strategy, and the first new vehicles are scheduled to roll off the line in 2028 after operations begin in the first half of 2027. For oil traders, the immediate read is simpler: if attacks and strikes continue, the Red Sea premium stays in the price.
