Crude jumps above 100 as Hormuz gunfire reports stoke shipping and supply fears

Three container ships hit in Strait of Hormuz reports

Crude prices surged back above $100 a barrel after reports of gunfire attacks on three container ships in the Strait of Hormuz. The move reflects escalating regional tensions and uncertainty around whether a ceasefire with Iran could be extended. Adding complexity, the Druzhba pipeline is reportedly ready to resume operations while Russia is said to have halted Kazakh oil exports to Germany.