Brent Back Above $100 After New Tanker Incidents in Hormuz Despite Steep Weekly Slump

Brent crossed $100 a barrel on Nov 6 after a run of tanker incidents in the Strait of Hormuz. Iran's IRGC said two tankers and a tugboat were set ablaze after using 'unauthorized routes' and Iran's Navy said another tanker struck a mine; none of this is independently confirmed. Brent remains well below the ~$118 seen a week earlier (down ~12% on the week) after falling 8.7% to $94.62 on Wednesday. A Qatar-mediated offer to reopen Hormuz for two days remains on the table with no agreement.