Hostilities Fuel Crude Rally
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7 Articles
The Iran war has caused the biggest supply shock in oil history. Yet even when the fighting was at its most intense, oil prices never reached the $150 per barrel many analysts had predicted at the start of the conflict. We have a few governments to thank for that. Soon after Iranian munitions made the Strait of Hormuz impassable, blocking 14 million barrels per day (bpd) of crude oil flowing into the Persian Gulf, the oil monarchies in Abu Dhabi…
Oil prices have surged on international markets as escalating conflict in the Middle East heightens concerns about prolonged disruptions to energy flows through the Persian Gulf. At the same time, increased purchases by Chinese refiners are further limiting the available supply and reinforcing price pressures. At $97.40 [...]
Oil nears $98 as Chinese crude buying rebounds, Middle East risks intensify
Brent crude approached $98/bbl as Chinese buying returned to the market and global inventories tightened, with renewed Middle East attacks adding momentum to a rally that has lifted oil roughly 60% this year.
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