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Latest Oil Market News and Analysis for Sept. 16
Oil dropped as a rally driven by supply disruptions left gains looking overdone, and a US industry report pointed to a rise in stockpiles.
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Oil dropped as a rally driven by supply disruptions left gains looking overdone, and a US industry report pointed to a rise in stockpiles.
Oil jumped, as outages at a key Saudi Arabia pipeline and Libyan oil fields added supply risks to a market already feeling the pinch from barrels lost to the Iran war.
Oil rose, with fears of a tightening market after Saudi Arabia closed a major crude pipeline pitted against signs that the US may still be seeking a diplomatic resolution with Iran.
Brent oil dipped Friday but gained significantly overall for the week as the Iran war and threats against Saudi Arabia from Houthi militants keep traders on edge.
Brent oil spiked over $107 a barrel, the highest in nearly four months, as deteriorating conditions in the Middle East heightened concerns over global supplies.
Brent oil advanced to the highest since late July as another round of strikes on Middle East energy infrastructure, including reported explosions at Iran’s vital export hub Kharg Island, stoked fears of fresh supply tightness.
Oil swung in thin holiday trading as renewed fighting between the US and Iran heightened supply concerns, while rare signs of progress toward ending the Russia-Ukraine war chipped away at the geopolitical risk premium.
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Oil steadied near the highest closing level in five weeks as fighting again raged between the US and Iran, renewing the threat to energy exports from the Middle East.
US oil prices topped $90 a barrel and European gas prices surged to a three year high, as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz.
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