Oil Holds Above $100 as U.S.-Iran Tanker War Escalates
Global Clean Investment Falls 17% as China Pullback Takes Its Toll 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 held near recent highs after rallying sharply earlier this week, with gains driven by an escalation in the U.S.-Iran conflict and intensifying attacks on tankers in the Persian Gulf.
warships and tankers in the Persian Gulf, while the U.S.
At the time of writing,Brent crudewas trading at $101.04 per barrel andWest Texas Intermediateat $96.09 per barrel.
attacks on its tankers will prompt further escalation.
The United States is also in the mood to escalate.
naval ships, and for every time they do that or try to do that, they're going to lose tankers,” U.S.
Secretary of State Marco Rubio said earlier this week.
Meanwhile, a tanker carrying Iraqi crude was reported to have suffered a drone hit in the Persian Gulf, deepening worries about the flow of oil in the region, prompting analysts to warn of extended disruption.
“The tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future,” ANZ analyst Daniel Hynes said in a note, asquotedby Reuters.
“The risk is that escalation starts leading to meaningful disruptions to Strait of Hormuz flows.
Oil flows have surprised to the upside in recent weeks, but the market could tighten more sharply if ongoing escalation translates into disrupted oil flows once again,” ING commodity analystswrote in a noteearlier today.
President Trump, meanwhile, accused Iran of trying to influence 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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