Oil Prices Surge on Fresh Middle East Strikes and API Crude Draw
New Zealand Awards First Offshore Oil License Since Ending Drilling Ban 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 spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff on the back of renewed hostilities in the Middle East and a bullish U.S.
At the time of writing,Brent crudehad climbed to $87.95 per barrel, up 4.59%, whileWest Texas Intermediatewas trading at $82.89, up 4.58%.
Oil prices had been tumbling since the U.S.
brought an end to 13 consecutive nights of attacks on Iran last Thursday, with both sides playing up hopes of a diplomatic breakthrough.
Those hopes were significantly hindered late on Tuesday when U.S.
Central Command (CENTCOM)reportedthat Iranian forces launched multiple ballistic missiles at U.S.
bases across the Middle East in what it described as a surprise attack.
All incoming missiles were successfully intercepted, and no U.S.
and Saudi forcescarried out“precision strikes” against “multiple terrorist logistics and weapons sites across eastern Iraq.” While the U.S.
did not strike any targets within Iran, the renewed fighting does end the short-lived pause in hostilities that had seen the geopolitical risk premium unwind somewhat.
Adding to the upward pressure on prices was another sizeable draw in U.S.
The American Petroleum Institutereportedthat 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% |
Comments
Post a Comment