Oil Nears $100 as Fresh Middle East Strikes Raise Supply Risks
Analysts said speculators have increased Brent long positions as attacks and threats around the Persian Gulf heighten supply risks.
- On Wednesday, Brent crude futures rose 1.4 per cent to $99.33 per barrel, gaining for the fourth consecutive session as supply disruption fears intensified across Middle East markets.
- Tensions escalated Tuesday as Iranian-backed Houthis struck several Saudi cities and Iran threatened the United States with "economic warfare" following missile exchanges in the Persian Gulf.
- Attacks on Saudi Arabia's Jizan refinery, with a daily capacity of 400,000 barrels, pushed prices higher alongside Iran's plan to establish a new shipping corridor in the Strait of Hormuz.
- Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said the operational posture toward United States warships has been "fundamentally recalibrated." ING analysts noted the market is pricing in a "sizeable risk premium."
- ANZ analyst Daniel Hynes does not expect a return to pre-war throughput until early 2027, as sustained attacks on Saudi Arabia could further complicate crude flow to global markets.
25 Articles
25 Articles
Oil Prices Near $100 as US-Iran Tensions Escalate, Supply Fears Grow
Oil prices are closing in on $100 a barrel as the latest US-Iran confrontation raises fresh concerns about oil supplies from the Middle East. Brent crude rose 1.47% to $99.36 a barrel, while US West Texas Intermediate gained 1.54% to $94.46.
Indian Shares Headed For Cautious Opening As Oil Nears $100
Indian shares are seen opening lower on Wednesday as investors fret over persistently high oil prices and escalating Middle East hostilities. Brent crude prices rose toward $100 a barrel as renewed tensions in the Gulf region raised concerns about further disruptions to global oil supplies.
The new Iran-US strikes in the Middle East are further increasing oil prices, which again touch $100 a barrel at the opening of Asian markets. The post Oil again touches $100 a barrel after the new exchange of strikes in the Middle East appeared first on in.gr.
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