Iranian attacks in the Persian Gulf are striking more ships and causing more severe damage than earlier in the conflict, bringing fresh risks to energy flows from the region.

Oil dipped as Saudi Arabia sought to resume flows on a vital pipeline, while traders parsed clues on the trajectory of the US-Iran war and progress toward reopening the Strait of Hormuz.

Oil rose, with fears of a tightening market after Saudi Arabia closed a major crude pipeline pitted against signs that the US may still be seeking a diplomatic resolution with Iran.

Brent oil topped $101 a barrel for the first time since July, as escalating attacks across the Middle East heightened concerns about further disruptions to energy flows out of the crude-rich region.

Oil fell after US Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to isolate Iran from the global economy, as the US seeks to pressure Tehran to loosen its grip on the Strait of Hormuz.