Oil edged higher after President Donald Trump played down the prospect of near-term talks with Iran while threatening further strikes, as risks to global supply spread beyond the Middle East to the Black Sea.
Oil edged higher after President Donald Trump played down the prospect of near-term talks with Iran while threatening further strikes, as risks to global supply spread beyond the Middle East to the Black Sea.
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Brent oil advanced to the highest since early June as traders weighed threats to maritime traffic that span from the Strait of Hormuz and the Red Sea to a key Kazakh export terminal on Russia’s coast.
Oil edged up in a fraught session as traders grappled with a barrage of headlines that suggest a worsening of the Middle East conflict, as well as attempts to bring about a pause in the war.
Oil surged on growing fears the US and Iran could return to full war, threatening flows through the Strait of Hormuz.
Oil dipped, though remains higher for the week, as traders balanced profit-taking with concerns about disruptions to Middle East flows.
Oil narrowly held onto a three-day winning streak as the US launched fresh strikes on Iran in response to a spate of attacks on shipping vessels and American diesel stockpiles posted a sizeable increase.
