Oil up on Concerns over Strait of Hormuz Reopening Plans
Brent crude rose 1.22% to $83.50 a barrel as Iran’s draft would bar U.S. and Israeli ships and tighten Strait of Hormuz transit.
- Brent crude futures gained 1.22% to $83.50 a barrel on Friday, rising amid supply disruption concerns after Iran published a restrictive draft plan for the Strait of Hormuz.
- Iran's draft plan prohibits Israeli vessels from the Strait, mandating compensation for transit; inbound traffic would transit Iranian waters while outbound vessels move through Omani waters.
- Adding to supply concerns, Ukraine struck two major refineries, Yaroslavl/Yanos and Bashneft's Novoil facility overnight, while Saudi crude imports dropped to zero in July for the first time since 1985, according to UOB.
- West Texas Intermediate futures advanced 1.11% at $78.15 per barrel, as Westpac noted higher oil prices signaled inflationary impulses from the Middle East situation.
- Negotiations between Iran and Oman regarding transit routes in the Strait remain ongoing without a deal announced, while President Donald Trump said in the Oval Office he thinks the war will end "pretty soon.
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The Brent barrel, for delivery in October, yesterday rose 3.8 percent, to $82.49, driven by the lack of progress in the dialogue to reopen the Strait of Ormuz.
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Oil Prices Rise as Strait of Hormuz Tensions Renew Supply Concerns
Oil prices climbed on Friday as renewed uncertainty surrounding the Strait of Hormuz fueled concerns over potential disruptions to global energy supplies, offsetting expectations that ... The post Oil Prices Rise as Strait of Hormuz Tensions Renew Supply Concerns first appeared on [your]NEWS.
Oil up on concerns over Strait of Hormuz reopening plans
Oil extended gains this morning amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those which violated the proposed rules.
Oil Prices Tumble as Traders Price In a Strait of Hormuz Breakthrough
September WTI crude oil futures are trading at $78.08 early Friday, down $8.72, or 10.05%, for the week. The market opened at $80.10, traded as high as $82.33, and fell to $74.24. With Friday’s session still ahead, the weekly result is not final. But the message from the price action is clear. Traders sold the possibility that diplomacy could restore crude flows through the Strait of Hormuz, then bought back part of the break when it became clea…
Brent rises over 1% – New supply concerns after Tehran's proposed restrictions and Ukrainian strikes on Russian refineries
Oil Climbs as Hormuz Transit Plan Raises Fresh Concerns
Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those which violated the proposed rules.Brent crude futures LCOc1 were up 85 cents…
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