US EditionBrent Rises Late, Settles Higher and with Weekly Gain on Iran-US Jitters
Oil prices rose over 5% this week amid US-Iran tensions, falling US crude inventories, and worries about future OPEC+ production cuts, analysts said.
- Oil prices hovered near six-month highs and were headed for their first weekly gain in three after Washington warned Tehran it would 'suffer' without a deal and US President Donald Trump set a 10- to 15-day deadline.
- Iran announced a joint naval drill with Russia after temporarily closing the Strait of Hormuz, through which about 20% of global oil passes, amid regional tensions.
- Options activity rose as traders and investors bought call options on Brent, with US crude inventories dropping by 9 million barrels and Brent at $71.27 while WTI was $66.06.
- Analysts warned the market is focused on rising Middle East tensions, with Priyanka Sachdeva noting 'escalating Middle East tensions' and 'investors debate whether any actual disruption will materialise.'
- Looking ahead, OPEC+ talks could resume output increases from April as JP Morgan analysts Natasha Kaneva and Lyuba Savinova warn, 'Our balances continue to project sizable surpluses later this year' requiring 2 million barrels per day cuts.
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Basra's heavy crude rose by $2.67 to $68.14 per barrel, recording weekly gains of $5.61, or 8.97 per cent. At the end of the session, Basra's average crude rose by $2.67 to $70.39 per barrel, recording weekly gains of $5.61 per barrel, or 8.66 per cent. Oil prices grew close to their highest levels in six months, moving towards its first three months in the midst of growing fears of a conflict after Washington said that Tehran would suffer if it…
The price of convenience oscillated near its highest level in six months
Oil heads for first weekly gain in 3 on US-Iran tensions
Oil prices hovered near six-month highs today, headed for their first weekly gain in three on growing concerns a conflict may erupt after Washington said Tehran will suffer if it does not agree a deal on its nuclear activity in a matter of days.
Tensions between the US and Iran have driven up oil prices. Brent crude, exceeding $71 per barrel, reached its highest level in seven months. This development suggests a potential increase in fuel prices.
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