Oil settles up by more than 2.5% as US and Iran resume military attacks
Brent crude climbed 2.71% as renewed U.S.-Iran strikes deepened fears of shipping disruptions through the Strait of Hormuz, traders said.
- 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.
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Oil prices continue to rise and the barrel of brent exceeds $95, following the US's new offensive in Iran.
Oil and gas prices surge after US-Iran escalation - Markets are again concerned about developments in the Strait of Hormuz
Oil prices settle up more than $4 a barrel on renewed US-Iran fighting
By Scott DiSavino NEW YORK, Sept 1 (Reuters) - Oil prices jumped more than $4 a barrel on Tuesday, settling at a five-week high, as traders feared more supply disruptions from the Middle East due to renewed fighting between the U.S. and Iran. Brent fut...
The recent fire of oil tankers and the US air raids drive prices. There is still no prospect of opening the road of Hormuz.
Future oil contracts expanded the valorization at the beginning of this Tuesday afternoon, in the midst of new US attacks on Iran, with targets near the Strait of Ormuz. US President Donald Trump said he will carry out even more bombings if the Islamic country tries to retaliate. Short Treasury revenues also extended the high, as well as the dollar. In New York, the exchanges operate in decline. In the local scenario, Ibovespa, the domestic exch…
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