Oil Prices Climb as U.S.-Iran Conflict Shows No Signs of Slowing
U.S.-Iran Conflict Threatens Long-Term Energy Shock Across Asia Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices continued to climb in early Asian trade on Wednesday as the renewed hostilities between the United States and Iran showed no signs of slowing.
At the time of writing,Brent crudewas trading at $92.44, up 1.57% on the session, whileWest Texas Intermediatewas changing hands at $85.51, up 1.39%.
Both benchmarks are now at five-week highs and have been consistently climbing since hitting lows during the July 4th weekend.
The latest move higher was driven by another night of U.S.
military operations against Iranian targets, marking the 11th consecutive evening of strikes.
Central Command(CENTCOM), American forces targeted “Iranian military operations centers, maritime assets, aircraft hangars, drone storage facilities and logistics infrastructure” in an effort to degrade Iran’s ability to threaten commercial shipping.
CENTCOM claims Iran has attacked more than 30 commercial vessels over the past three months, but insists that the waterway remains open to commercial traffic.
For oil markets, and more importantly for shipping insurers, U.S.
claims that the Strait is open are less relevant than a pledge from Iran that it will stop attacking ships.
attacks came after Kuwait intercepted Iranian drones in what was the latest in a spree of Iranian strikes against U.S.
For oil markets, the next major escalation point will be in the Red Sea, where Yemen's Iran-backed Houthi movement has threatened to target vessels carrying Saudi crude through the Bab el-Mandeb Strait.
Saudi Arabia has increasingly relied on Red Sea export routes since Iran began threatening tanker traffic through the Strait of Hormuz.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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