Oil tops $100 as Strait of Hormuz tanker fire stokes supply fears

Brent crude surged above $100/bbl (+3.49%) and WTI rose 2.18% as a cargo ship fire in the Strait of Hormuz heightened supply disruption risks. The incident adds to geopolitical uncertainty, with interest rates also climbing, but oil remains the primary market driver. The fire's cause and impact on shipping are unconfirmed, and the situation is developing.