Oil settles up by more than 2.5% as US and Iran resume military attacks
Oil prices climbed after renewed U.S.-Iran strikes and fresh tanker attacks, with Brent up 2.71% and shipping through the Strait of Hormuz still constrained.
- On Monday, oil prices rose more than 2.5 per cent as renewed military action between the US and Iran rekindled supply fears; Brent crude futures settled up 2.71 per cent to US$90.49 a barrel.
- The conflict, now in its sixth month, has disrupted transit through the Strait of Hormuz, where daily commodity vessel traffic fell to five as mediators seek to reopen the vital waterway.
- On Sunday, President Donald Trump claimed Iran's Kharg Island was being "blown to smithereens," though evidence of an attack remains absent; Vice-President Vance described the post as a message to Iran.
- US Strategic Petroleum Reserve stocks fell 3.1 million barrels to 286.6 million, nearing a 44-year low, while Treasury Secretary Scott Bessent stated on Monday that US sanctions aim "to create the conditions that they will want to come to the table."
- President Donald Trump announced on Sunday that the US secured oil through a new deal with Venezuela to replenish the Strategic Petroleum Reserve, with companies like Chevron and Eni finalizing energy projects.
54 Articles
54 Articles
Oil up more than 2% as renewed US-Iran strikes stoke supply fears
Oil prices surged as hostilities reignited between the United States and Iran. This escalation raised alarms over possible supply interruptions from the vital Middle East region. In a concerning incident, two Saudi oil supertankers were targeted by projectiles in the Strait of Hormuz. Efforts are underway to negotiate a resolution to restore access to this crucial shipping route.
With a market shaken by recent attacks between the U.S. and Iran over the Straits of Ormuz and Donald Trump’s threat to strike the Islamic Republic “with force,” oil prices rose more than 2.5 percent on the last day of August.
New attacks by the US against Iran put pressure on oil prices. This does not make investors nervous.
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