Brent Tops $114 as Market Braces for Prolonged Disruption
Brent rose above $117 a barrel as traders braced for a longer blockade and deeper stockpile declines, fueling inflation fears.
- Oil prices rose on Wednesday after reports that President Donald Trump plans to extend the U.S. naval blockade of Iranian ports. Brent crude climbed above $117 a barrel, while West Texas Intermediate traded around $105.
- This strategy aims to squeeze Iran's economy while the U.S. avoids resuming hostilities. The Strait of Hormuz remains effectively closed, with Iran refusing to reopen the critical waterway while naval restrictions stay in place.
- Heightened export demand pushed American crude shipments to a record above 6 million barrels a day. The Treasury Department issued "firm guidance" warning financial institutions of significant sanctions risks for paying a "toll" to Iran.
- "The stalemate could last for weeks," Michelle Brouhard, head of policy and geopolitical risk at Kpler Ltd., told Bloomberg Television. The blockade threatens global supply chains, fueling inflation fears as energy costs surge worldwide.
- Market experts suggest no immediate resolution exists for the energy crisis, with traders remaining on edge. The United Arab Emirates' decision to leave OPEC adds uncertainty, though it remains unlikely to provide near-term relief for prices.
33 Articles
33 Articles
Sydney Morning Herald
The AgeTrump vows to maintain pressure on Iran through ‘incredible’ blockade
But Iran’s new supreme leader said it wouldn’t give up its nuclear or missile technologies, and signalled that Tehran would keep control of the Strait of Hormuz.
Oil Prices Jump Even Higher
“Oil prices jumped more than 6% on Wednesday, after President Donald Trump said he will maintain the U.S. naval blockade against Iran until they agreed to a nuclear deal,” CNBC reports. “International benchmark Brent crude futures rose about 6% to close at $118.03 per barrel.”
Oil nears $120 a barrel on fears US will extend blockade of Iran
Oil prices rose on Wednesday on signals that a US blockade on Iranian ports could go on for an extended period, prolonging an unprecedented supply shock that has roiled energy markets. Brent rose above $117 a barrel, while West Texas Intermediate traded around $105 a barrel. US President Donald Trump has told his aides to prepare for an extended blockade and that it carries less of a risk for the US than resuming hostilities or walking away from…
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