Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran
Brent crude climbed to $117.64 a barrel as traders priced in supply risks after a tanker attack and fears of wider Iran conflict.
- ICE Brent crude oil trends around $118 per barrel on Friday, marking a 13 percent month-on-month increase as midterm elections approach within days.
- European natural gas benchmark TTF soared past €100 per MWh, heading for a 42 percent monthly gain amid net inventory withdrawals and risks of US-Iran hostilities.
- Refining giant Valero Energy agreed to buy an idled Houston refinery for $320 million, while Phillips declared force majeure at its 260,000 b/d Freeport LPG terminal after a power outage.
- Armed groups shut the Hamada-Zawiya pipeline, halting flows to the 120,000 b/d Zawiya refinery; the IRGC claims three tankers struck naval mines using an "unauthorised" route, though Centcom disputes the allegations.
- Japan is set to reclaim the LNG import crown from China this year, while Chinese aluminum producers expand smelting capacity across Africa and Asia to bypass Beijing's 45-million-tonne regulatory cap.
51 Articles
51 Articles
Oil Shock: Brent Crude Surges to $117.64 Amid Iran Crisis
<p>Global energy markets are facing renewed uncertainty amid the escalating Iran crisis, with crude oil prices witnessing a sharp rise in international trading. According to the report, oil prices jumped by more than 2%, pushing Brent crude to $117.64 per barrel, its highest level in the past six months. The surge has been linked to attacks on tankers and other vessels in the Strait of Hormuz, a strategically important route for global energy su…
(New York = Yonhap News) Correspondent Kim Yeon-sook = On the 30th (local time), international oil prices rose by more than 2% due to concerns over the escalation of the war with Iran and the possibility of disruptions to crude oil shipments through the Strait of Hormuz...
Future oil contracts closed this Friday (30) in strong terms and recorded the fourth consecutive month of gains. The fear of investors of a new escalation of hostilities between the United States, Israel and Iran after the midterms elections on 3 November boosted the commodity prices, along with the new attacks on the Strait of Ormuz. Brent oil with an end in January closed at a high of 2.37%, quoted at US$ 113.43 per barrel, at ICE. WTI with de…
The Korea Times
Channel News AsiaOil jumps 2%, settles at 6-month highs on fears of escalation in Iran
Oil prices jumped more than 2 percent on Friday and settled at their highest levels since the end of April, as traders braced for a potential escal...
Oil prices rose by about 2% on Friday and are heading for the fourth consecutive month of advance, on the basis of fears about escalating the conflict between the United States and Iran and a new attack on an oil tanker in the Ormuz Strait, one of the most important routes in the world for the transport of oil, reports Reuters.
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