International oil benchmark Brent crude neared $100 per barrel as concerns grew over energy supply disruptions through the Strait of Hormuz following renewed clashes between the United States and Iran.

According to Bloomberg on the 8th, Brent crude for November delivery traded up 1.45% at $98.45 a barrel, while West Texas Intermediate (WTI) for October delivery rose 2.6% to $93.91 a barrel this afternoon.

Iran stated that negotiations with Oman are imminent and that they will include a temporary safe shipping lane.

This appears to be a response to the U.S. strike on an Iranian oil tanker over the weekend, drawing attention to whether the U.S. will take follow-up actions.

Iran also warned that vessels face risks of being attacked near Oman.

Chris Weston, head of research at commodity brokerage Pepperstone Group, said, "We have been through a lot of twists and turns since late February, and just when you think there is progress, it falls apart again," adding, "We are almost back to square one."

Crude oil shipments are estimated to be continuing despite navigation risks.

Russell Hardy, CEO of Swiss Vitol, the world's largest independent energy and commodity trading company, stated at the Asia Pacific Petroleum Conference hosted by S&P Global Energy in Singapore on the 8th that the current volume passing through the Strait of Hormuz is estimated at about 10 million barrels per day, of which 9 million barrels are crude oil and the rest are petroleum products.

However, he added, "10 million barrels is not a guaranteed volume that can get out every single day."

"It depends on the vessels, it depends on insurance, and it depends on the captains and crews," he added.

(Photo: AP, Yonhap News)