Oil extended gains after the US struck multiple Iranian tankers near the vital crude-export hub of Kharg Island, escalating hostilities and stoking fears of deeper disruptions through the Strait of Hormuz.
Oil extended gains after the US struck multiple Iranian tankers near the vital crude-export hub of Kharg Island, escalating hostilities and stoking fears of deeper disruptions through the Strait of Hormuz.
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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.
