Brent Pushes $95 as Transport Risk Overtakes Supply Fears

The $95–96 zone on Brent is the next test, Hilal said. A sustained break above that level would signal the market is pricing in a prolonged disruption cycle rather than a temporary spike. That would have implications for inflation expectations and central bank rate paths, she said.

Higher transport costs have already tightened physical barrels. Insurance premiums on tanker routes have risen, pushing some charterers toward longer alternative passages, traders said. That takes tonnage out of the market and tightens prompt supply, even when headline production data shows no cuts.

Weekly U.S. inventory data Wednesday will show how much of the transport disruption has reached the Atlantic basin. A larger-than-expected draw would reinforce the physical market tightness traders are already reporting.