Oil Climbs as US-Iran Tensions Flare Again While Stockpiles Tighten
Brent rose 0.7% to $92.11 a barrel as traders priced in war risks and an 8th straight weekly drop in US crude inventories.
- On Wednesday, crude oil prices climbed, with Brent futures rising 0.7% to $92.11 a barrel and West Texas Intermediate to $88.80. The United States military launched strikes against Iran, following President Donald Trump’s vow to retaliate for the downing of a US Apache helicopter.
- These latest military exchanges threaten to unravel a fragile ceasefire between Washington and Tehran. The ongoing US-Israeli war with Iran complicates efforts to reach a durable settlement between the two powers.
- Market data from the American Petroleum Institute released on Tuesday showed United States crude oil inventories fell 9.12 million barrels last week, while gasoline stocks also declined by 1.19 million barrels.
- "The latest military exchanges have reintroduced a geopolitical risk premium," Priyanka Sachdeva, senior market analyst at Phillip Nova, said. She noted that traders are shifting their focus back toward war risks and potential supply disruptions.
- Tehran has continued to block most shipping through the Strait of Hormuz. Despite the ongoing conflict, the Energy Secretary noted that ship traffic in the Gulf and oil exports are rising.
25 Articles
25 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices rose on the 10th (local time) as tensions between the U.S. and Iran escalated again.
How much does oil cost now? Oil prices rose after the US military launched new attacks on Iran, and market data showed another significant drop in US crude oil inventories. This was reported by RBC-Ukraine with reference to Reuters. Brent futures rose by 66 cents, or 0.7%, to $92.11 per barrel, while US West Texas Intermediate oil rose by 60 cents, or 0.7%, to $88.80. According to Priyanka Sachdeva, senior market analyst at Phillip Nova, the lat…
Oil climbs as US-Iran tensions flare again while stockpiles tighten
Oil prices climbed on Wednesday, moving away from a seven-week low touched in the previous session, after the US military launched new strikes against Iran and as market data showed another large draw in US crude stocks. Brent futures rose 66 cents, or 0.7%, to $92.11 a barrel at 0406 GMT, while US West Texas Intermediate crude climbed 60 cents, or 0.7%, to $88.80. The US military struck Iranian targets after President Donald Trump vowed on Tu…
Oil prices recovered from their lowest levels in weeks on Wednesday, rebounding from near seven-week lows, supported by escalating geopolitical tensions in the Middle East following new US strikes against Iranian targets, along with indications of declining US crude inventories.
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