Brent hits $106.37 as Iran signals wider Hormuz strikes

Brent crude reached $106.37 a barrel on Wednesday and WTI $94.72, after Iranian officials said forces would expand strikes in the Strait of Hormuz.

Brent crude climbed to $106.37 a barrel on Wednesday and WTI reached $94.72.

Iranian officials said forces planned to expand strikes in the Strait of Hormuz using new tactics.

Iran warned the United States it is prepared to respond preemptively to any perceived threat of renewed strikes.

Phillip Nova analyst Priyanka Sachdeva said Iran could use Hormuz to keep oil prices elevated.

ING analysts said a Saudi East-West pipeline expansion could add 1.2 million barrels a day within months and later weigh on prices.

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