Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates
Pakistan Plans Fresh LNG Purchases Amid Strait of Hormuz Shutdown What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month.
In Asian trade on Friday, both benchmarks were rising by about 1%, as the U.S.
military launched a new round of strikes on Iran, for the sixth night in a row.
Brent Crudeprices traded 1% higher at $85.06, andWTI Crude, the U.S.
benchmark, was up 1.2% at $79.88 per barrel.
Earlier this week, Brent futures topped $86 per barrel as the U.S.-Iran tensions intensified and Iran hit two UAE-managed oil supertankers while transiting the Strait of Hormuz in the southern lane near Oman, in the corridor thought to be controlled by the United States.
strikes on Iran in response to Tehran’s attacks on commercial shipping and the reinstatement of the U.S.
naval blockade outside the Strait of Hormuz, in the Gulf of Oman.
The blockade aims to deprive Iran of the ability to export its oil.
forcesstruck and disabledan Iran-linked sanctioned oil tanker near Iran’s key export terminal, Kharg Island, deep in the Persian Gulf, as the U.S.
appears to be broadening the scope of the renewed blockade on Iran.
forces launched precision munitions that hit dozens of Iranian military targets such as coastal surveillance and air defense sites, military logistics infrastructure, and maritime capabilities, in the sixth consecutive night of strikes, the U.S.
| 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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