US EditionPublished • loading... • Updated
Oil settles up 9% as Iran vows to keep Strait of Hormuz closed
Oil prices rose nearly 9% as Iran's attacks on tankers and ports cut Gulf production by 10 million barrels daily, tightening global supply, the International Energy Agency said.
- On Thursday, oil prices surged about 9% to $100.46 per barrel for Brent and $95.70 for West Texas Intermediate, their highest levels since August 2022, as Iran intensified attacks and vowed to keep the Strait of Hormuz closed.
- Middle East Gulf nations cut production by at least 10 million barrels per day—nearly 10% of global demand—prompting the International Energy Agency to approve releasing a record 400 million barrels from strategic stockpiles.
- Iraqi oil ports halted operations after tankers were struck, Oman shifted vessels from Mina Al Fahal, China banned refined fuel exports, and Saudi Arabia ramped up exports from Yanbu on the Red Sea.
- Energy Secretary Chris Wright said the Navy could escort ships through the Strait by month-end, describing it as "quite likely," while White House press secretary Karoline Leavitt indicated the administration may waive the Jones Act to stabilize energy shipments.
- Heightened conflict fears persist after Hezbollah launched its largest rocket salvo on Wednesday, and Energy Aspects analysts remain skeptical that strategic reserves will fully offset disruption, with Jim Burkhard of S&P Global Energy warning the market remains unbalanced.
Insights by Ground AI
5 Articles
5 Articles
Is the Hormuz Chokehold a Foretaste of Peak Oil?
Hence, the severe restrictions in the flow of oil though the Strait of Hormuz, resulting from the recent US-Iranian attacks, may be seen as a stark rehearsal for the consequences of a severe shock in the global oil supply, as might be experienced from a "peak oil" crisis, with volatile price spikes and supply chain disruptions.
Oil settles up 9% as Iran vows to keep Strait of Hormuz closed
Oil prices settled up about 9% on Thursday, at their highest in nearly four years, as Iran stepped up attacks on oil and transport facilities across the Middle East, and the country's supreme leader vowed to keep the vital Strait of Hormuz shut.
·United Kingdom
Read Full Article
Coverage Details
Total News Sources5
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
Factuality
To view factuality data please Upgrade to Premium
