Brent oil futures climb above $100 on continued disruption to Strait of Hormuz traffic

Core Viewpoint - Brent crude oil prices have surpassed $100 due to ongoing disruptions in the Strait of Hormuz, despite the U.S. lifting sanctions on Russian oil [1]. Group 1: Oil Price Movements - Brent crude reached $101.14, marking a 0.7% increase [1]. - West Texas Intermediate (WTI) futures rose by 0.3% to $96 per barrel [1]. Group 2: Market Influences - The U.S. announced it would allow countries to purchase Russian oil currently at sea, aiming to expand supply [1]. - The lifting of sanctions was countered by the continued disruptions in the Strait of Hormuz, impacting oil supply dynamics [1].