US EditionOil Prices Extend Gains on Concern over Potential US-Iran Conflict
Brent rose above $71.50 and WTI passed $66 as markets weighed risks of U.S.-Iran conflict and tighter physical oil supply, with 20% of global oil passing through the Strait of Hormuz.
- On Thursday, Brent surged above $71.50 and WTI jumped past $66 as traders priced in U.S.-Iran conflict risks.
- U.S. forces have deployed warships near Iran with strike options discussed, while Iranian aviation authorities issued a NOTAM for Thursday rocket launches and state media reported a Strait of Hormuz shutdown on Tuesday.
- Market sources reported U.S. crude, gasoline and distillate inventories fell last week, citing American Petroleum Institute figures, contrary to a Reuters poll expecting a 2.1 million barrel rise, while a tightening Brent futures curve and buyers avoiding sanctioned barrels indicate a firmer physical market.
- A disruption to shipments could affect about 20% of global oil supply, raising immediate risks to Iranian oil supply and broader Persian Gulf oil flows through the Strait of Hormuz.
- With talks stalling, Brent traded higher at $71.55 as ING strategists warned the market is increasingly concerned about potential imminent U.S. action against Iran.
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By John Towfighi, CNN - Oil prices surged Thursday to their highest level in nearly seven months as investors sought safe havens like gold while tensions between the United States and Iran continued to escalate. Brent crude, the global benchmark, rose 1.6% to $71.49 a barrel. U.S. crude climbed 1.74% to $66.18 a barrel. Oil prices extended their gains after rising more than 4% on Wednesday, posting their biggest daily increase since October. Gol…
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Oil extends gains on US-Iran tensions, stocks retreat
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As oil prices spike on US-Iran tensions, Goldman says investors are bracing for more volatility
A tugboat is connected by a line to a crude oil tanker off the coast of Iran.Sam / Middle East Images / AFP via Getty ImagesTensions between the US and Iran are driving up crude oil prices.Goldman Sachs' Daan Struyven thinks traders are preparing for further escalation.He sees the possibility of more volatility for as long as geopolitical uncertainty persists.Oil is spiking on the latest bout of tensions between the US and Iran, and Goldman Sach…
Oil prices extend gains on concern over potential US-Iran conflict
Oil prices rose on Thursday, driven by increasing concerns over potential military conflict between the United States and Iran as both countries stepped up military activity in the oil-producing region.
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