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Brent Nears $85 as US-Iran Tensions Lift Oil Prices
Escalating US-Iran conflict has lifted Brent about 12% this week and tightened fuel markets, analysts said.
- Global benchmark Brent traded around $85, on track for a weekly gain of about 12%, as escalating conflict involving Iran disrupted oil supplies from the Middle East, while West Texas Intermediate rose toward $80 a barrel.
- Rising tensions revived concerns over traffic in the Strait of Hormuz, a chokepoint for a fifth of global oil flows, as a tightening naval blockade disrupts Iranian tanker movements.
- Refined products face record tightness, squeezing profit margins for refiners. "Refined products are much more of a squeeze than crude oil," said Simon Lack, a portfolio manager at the Catalyst Energy Infrastructure Fund.
- Reuters reported that Tehran directed Yemen's Houthi rebel group to close the Bab el-Mandeb gateway if Iranian power infrastructure is targeted, while Qatar intercepted missiles targeting its state.
- Market uncertainty persists regarding whether shipping can adapt to continuing threats as the 60-day negotiation period expires after Aug 16, with analysts questioning whether diplomacy can resolve the conflict.
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15 Articles
On July 17, oil prices rose after the United States and Iran stepped up mutual attacks in the Persian Gulf, nearly blocking supplies from the region.
·Kyiv, Ukraine
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Crude heads for biggest weekly gain in months amid intensifying Middle East crisis
Oil prices surged as escalating US-Iran military tensions raised supply disruption concerns. Brent crude traded at $85.34 and WTI crude at $80.08 per barrel. Recent US strikes aimed to degrade Iranian military capabilities, while Iran retaliated against regional allies. Renewed hostilities revived fears of a broader conflict and threats to the Strait of Hormuz. Iran warned of widespread infrastructure damage if US threats to strike its facilitie…
·India
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Coverage Details
Total News Sources15
Leaning Left1Leaning Right5Center4Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
C 40%
R 50%
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