Oil Prices Slip Despite New Attacks Across the Middle East
REalloys is establishing a comprehensive,… What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices ticked lower today on reports that oil tankers were still passing through the Bab el-Mandeb Strait, despite information about renewed strikes between the U.S.
and Iran, and a drone attack on a tanker in an Egyptian port.
At the time of writing,Brent crudewas trading at $89.46 per barrel, withWest Texas Intermediateat $83.54 per barrel, both down by about 1% since Wednesday’s close.
Central Commandannouncedrenewed strikes on targets in Iran on Wednesday, saying “The strikes are a powerful response to yesterday's attempted Iranian attacks on U.S.
forces based in the Middle East,” asquotedby Reuters.
Iran, for its part, fired missiles at U.S.
and Saudi forces attacked Iran-aligned military groups in Iraq, which werereportedto have been planning to strike Saudi energy infrastructure.
Egypt confirmed reports about a drone strike on a U.S.-owned tanker used for floating storage at the port of Damietta.
Laterreportsmentioned two tankers, both of them for liquefied natural gas—Damietta is a key LNG terminal in Egypt.
Yet traders are choosing to focus on reports about tankers making their way out of the Middle East, with ship-trackers noting 39 commodity carriers exiting the Bab el-Mandeb Strait on Tuesday, even as traffic via the Strait of Hormuz remains subdued.
“While overall volumes are reduced, oil continues to leak out of the region through multiple channels, and additional workarounds are being explored.
The longer this situation persists, the more these alternative routes and methods will erode Iran's leverage over the Strait of Hormuz,” IG Group analyst Tony Sycamore said, as quoted by Reuters.
| 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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