US EditionOil Price Surges on Middle East Conflict
Military strikes on Iran and Strait of Hormuz closure fears pushed Brent crude prices up 10%, with analysts warning of possible rises above $100 a barrel.
- On Sunday, Brent crude surged 10% to about $80 US a barrel after U.S. and Israeli strikes on Iran, following a rally to $73 US on Friday for its highest since July.
- Shipment suspensions via the Strait of Hormuz followed Tehran's warning, raising supply fears as over 20% of global oil moves through the strategic chokepoint, Ajay Parmar said.
- Rabobank analysts expect prices to hold above $92 a barrel in the near term, while Rystad energy expects a $20 rise to about $92 when trade opens, analysts say.
- Futures markets were closed over the weekend, and Asian governments and refiners began assessing stockpiles and routes while the OPEC+ group agreed on Sunday to raise output by 206,000 barrels per day from April.
- Rystad energy estimates a Strait closure could remove 8 million to 10 million bpd, while Middle East leaders warned prices could exceed $100 a barrel, said Helima Croft.
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14 Articles
Oil jumps 10% on Iran conflict and could spike to $100 US a barrel, analysts say
Brent crude jumped 10 per cent to about $80 US a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 US after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.
Brent's oil price fell by 10% on Sunday, up to almost $80 on the barrel, in OTC transactions (ex-shipment market) on Sunday, traders said, while analysts estimate that prices could reach $100 after US and Israel's attacks on Iran, which forced the Middle East into a new war, transmits Reuters.
Oil Jumps 10% on Iran War, Could Rise to $100 a Barrel
LONDON — Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war. The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading …
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