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Oil extends climb on prolonged Hormuz export uncertainty
Supply fears grew as tanker traffic through the Strait of Hormuz fell below its 10-day average, Reuters reported.
- On Aug 19, oil prices climbed for a fourth straight day as investors weighed conflicting messages from President Donald Trump and Iran over whether the Strait of Hormuz remains open to shipping.
- Tanker-Tracking data showed shipping through the Strait of Hormuz slowed to six vessels on Tuesday, down from the 10-day daily average of 11 as shipowners avoided the waterway amid blockade uncertainty.
- Sparta Commodities senior oil analyst June Goh noted shipping risks remain prevalent in key chokepoints; Gulf producers like Iraq approved mechanisms to export crude via alternative outlets starting Sept 1.
- Brent crude futures rose 0.29% to $91.28 a barrel on Wednesday, while market sources cited by the American Petroleum Institute reported U.S. crude and distillate inventories fell last week.
- A temporary ceasefire agreement expired on Aug 17, with a senior Iranian official stating the country is moving to a "fully offensive" military posture due to the diplomatic stalemate.
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48 Articles
48 Articles
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices rose for the fourth consecutive day on the 19th (local time) as tensions between the United Arab Emirates (UAE) and Iran escalated.
·Seoul, Korea (the Republic of)
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Coverage Details
Total News Sources48
Leaning Left1Leaning Right11Center14Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
C 54%
R 42%
Factuality
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