WTI Back Above $91 as War Premium Returns
Europe Gas Prices Head for Fourth Straight Weekly Gain Gulf producers are accelerating alternative… October WTI crude oil futures are trading at $91.80 Thursday night, up $8.36 or 10.02% for the week so far.
The contract traded as low as $84.11 early in the week before reaching $93.14, its strongest level since late July.
The market began the week testing whether more cargoes moving through the Strait of Hormuz would take the war premium out of crude.
The United States and Iran exchanged their heaviest fire since July.
Israel renewed threats against Iranian energy infrastructure.
WTI did not rally because every Gulf barrel stopped moving.
It rallied because the barrels still moving are exposed to a supply route that can change with the next headline.
The Conflict Expanded, and the Early Selling Ended Tuesday’s U.S.
strikes targeted Iranian radar, air-defense, communications and mine-laying positions along the southern coast.
Both contracts posted their highest settlements since July.
Thursday opened with profit-taking after President Trump said the renewed fighting would not last too long.
For a few hours, the market was willing to sell the idea that the conflict was heading toward a shorter duration.
| 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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