Oil Price Forecast: Brent and WTI Rebound as Storm Cuts US Output
8 Articles
8 Articles
DUE to Hurricane Isaias and the interruption of production in the Gulf of Mexico, gas prices in Europe are rising again and reach their highest levels since mid-September.
Oil prices rose sharply on Thursday, reigniting fears of a new wave of inflation and weighing on financial markets as the US-Iran war continues and uncertainties about global oil supplies increase. The rise in energy prices came at a time when investors are also grappling with signs that inflation could remain high for longer. Asian markets fell, while Wall Street pulled back from recent record highs, reports Telegrafi. Brent crude, the internat…
Oil producers in the Gulf of Mexico are throttling their production because of an approaching tropical storm. At the same time, new plans for possible attacks on Iran become public. The oil market responds immediately.
Information about possible US military options against Iran heightens concerns about new escalation - More than 510,000 barrels per day of production in the Gulf of Mexico have been disrupted due to Tropical Storm Isaiah
In addition to the increasing number of attacks on oil tankers in the Persian Gulf, the market is now being pressured by Hurricane Isaias, which has already halted a quarter of US oil production in the Gulf of Mexico.
Increased attacks on commercial ships in the Middle East, allegations that the US is preparing a new attack on Iran, and expectations of potential production disruptions in the Gulf of Mexico have driven oil prices higher. Brent crude rose 2.5 percent to $102.73 per barrel, while WTI traded at $90.34.
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