WTI Oil Barrel Exceeds 100 Dollars This September 10
4 Articles
4 Articles
The barrel of WTI for delivery in October advanced 4.39%, up to $100.27, its maximum level since May.
Following the U.S. and Israeli offensive against Iran launched on February 28, the Islamic Republic responded by attacking U.S. interests in the region.
WTI has crossed $100 as the market begins to price the scenario Goldman Sachs flagged months ago: not just a constrained Strait of Hormuz, but a simultaneous threat to the Red Sea exit that Saudi Arabia has used as its remaining seaborne outlet. - Energy News Beat
Brent settled above $101 on Wednesday, September 9, and WTI followed through the $100 level on Thursday morning in a sharp rally. Physical benchmarks had already been there. Dated Brent has held above $100 since September 3. Murban, DME Oman, the OPEC basket, and the Indian basket were already trading over that threshold. Futures are now catching up to what refiners have been paying for prompt barrels.
London - The price of US West Texas Intermediate (WTI) crude oil rose above $100 a barrel for the first time since May, up nearly five percent at 2:45 p.m. CEST. Brent crude rose more than four percent to above $105 a barrel. The price increase is being driven by the escalation of the conflict in the Middle East.
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