Oil Prices Top $100 Again as 7-Month Iran War Continues
Brent crude rose 2.1% to $100.10 a barrel as war-related supply fears and higher bond yields keep oil markets volatile.
- Brent crude, the international standard, rose 2.1% to $100.10 a barrel, passing the $100 threshold for the first time since July as U.S. Futures show mixed results to start Oct amid volatile Oil markets.
- Fighting between the United States and Iran escalated during the conflict, causing tankers to avoid the Strait of Hormuz; consequently, international Oil prices have hovered around $100, leaving drivers resigned to paying $5 for a gallon of gas.
- President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, stalling peace negotiations; Iranian officials confirmed on Sept they received a United States response to their latest proposal.
- Rising Oil costs contribute to higher Longer-term bond yields, with the 10-year Treasury yield hitting 5.3% on Oct 1, while Britain's FTSE dropped 1.3% and Shares of Alphabet climbed more than 2%.
- And Madison Square Garden Sports Corp. plans to spin off its New York Rangers business from its New York Knicks operations, with the transaction expected to complete on Oct 26.
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52 Articles
Why oil is still holding near $100 a barrel and what could happen to prices next - Bloomberg Oil supplies have <p>almost recovered, but prices are not falling due to escalation risks, low inventories and expensive transportation. Decline possible after stabilization</p> in the region.
Although transport through Ormuz has almost recovered, the market continues to place the risk of further deterioration, depletion of the world ' s reserves and expensive transportation of raw materials at a cost.
The amount of crude oil flowing from the Middle East has been recovering, but its price remains almost 40 per cent above the start of the conflict and is generating a strong shock in the world economy.
Oil holds above $100 a barrel despite recovering supplies. Bloomberg explains prices with fear of escalation with Iran and diesel shortages.
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