Oil Prices Climb Above $106 as Iran Threatens More Tanker Attacks
Rising Gasoline Prices Fuel Fresh Inflation Fears in the U.S.
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 moved higher earlier today, after Iranian officialstoldReuters the country’s forces were planning to further intensify strikes on tankers in the Strait of Hormuz, deploying new tactics.
Brent crudewas trading at $106.37 per barrel, and West Texas Intermediate was trading at $94.72 per barrel, with the news that Israel’s Benjamin Netanyahu had asked Trump to start bombing Iran again likely to also contribute to the price rise.
Israeli mediareportedearlier today that Netanyahu had last week urged Trump to restart the strikes before the midterm elections in November, with unnamed sources being quoted as saying that Trump had told the Israeli prime minister to “go ahead and prepare,” without making a firm commitment for the resumption of the hostilities.
The Iranian officials who spoke to Reuters, meanwhile, attributed the recent surge in tanker attacks in the Strait of Hormuz to their new tactics, suggesting these are not about to end anytime soon.
Iran had earlier warned the United States that it was ready to respond pre-emptively to any perceived threat of renewed strikes on its territory.
“The fact that Iranian officials are openly admitting to undermining US efforts to keep oil prices under control speaks volumes about the real intentions behind the so-called 'peace talks,'” Phillip Nova analyst Priyanka Sachdeva said, as quoted by Reuters.
“Iran is well aware of its geographical importance and the havoc higher oil prices can inflict on the global economy, and it may not shy away from using this leverage,” Sachdeva added.
ING commodity analysts, meanwhile,notedthe Saudi energy minister’s announcement of plans to ramp up the capacity of the East-West pipeline as a piece of bearish news, with 1.2 million bpd that can be added in a matter of months.
The problem, however, remains what happens to those barrels once they are loaded on tankers.
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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… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge Saudi Arabia Discovers 110 Million Tonnes of Uranium-Bearing Ore Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise Macron Calls for Another Emergency Oil Release as Europe Loses Supply 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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