Oil Rises for Second Day as Middle East Supply Risks Persist
A Reuters survey raised 2026 Brent forecasts to $89.05 a barrel as traders weighed recovering Gulf exports against supply risks.
- On Tuesday, oil prices extended gains for a second day as persistent Middle East conflict concerns outweighed recovering crude exports. Brent crude futures for November rose 1.6%, while West Texas Intermediate crude reached $94.
- Ongoing US-Israeli war on Iran has focused global attention on the Strait of Hormuz, a vital shipping route that previously facilitated 20% of the world's oil supply. Disruptions to this waterway continue to drive market uncertainty.
- KCM Trade chief analyst Tim Waterer noted, 'Much of that increase still relies on workarounds such as ship-to-ship transfers.' Crude exports climbed to 12.8 million barrels a day in September, as these logistical workarounds keep global prices elevated.
- On Saturday, Trump rejected a conditional proposal from Tehran to reopen the waterway. Mediators are working with both sides to end the seven-month conflict, though officials reportedly expressed pessimism regarding a deal.
- UOB analysts said, 'Dominant risk remains the current standoff.' Further talks are expected to focus on an amended seven-day proposal presented last week at the United Nations General Assembly.
125 Articles
125 Articles
The Gulf states are exporting oil again as before the war. Is the storm finally over?
The Strait of Ormuz, which is essential in international trade in raw materials, has remained blocked by Iran since the beginning of the Middle East conflict. While negotiations between the United States and Tehran on the subject are advancing, oil nevertheless seems to be moving through the Strait again in large quantities in recent days. However, the situation is still very volatile, the price of the barrel is not expected to fall for the time…
American Drivers Just Got Handed Bad News: Crude Is Flowing Through Hormuz Again, but Diesel and Gas Are Still Squeezed
Gulf oil exports may be picking up pace, but they still aren’t driving oil prices down. But why, even with crude exports from the region hitting 80 percent of the pre-war levels, are prices still proving troublesome? Is This Really a ‘Win’? Gas Prices on May 9 outside of Orlando, Florida. Image Credit: Harry J. Kazianis for National Security Journal. On Wednesday, Brent crude remained over $100 a barrel. “If this is winning, what would losing lo…
Brent Crude Tops $107 As Oil Rally Holds Firm Despite Hormuz Flow Recovery
Crude oil prices continued their upward momentum into Tuesday, brushing aside data suggesting oil flows through the Strait of Hormuz have recovered more strongly than anticipated since early September. Brent crude was trading at $107.37 per barrel at the time of reporting, while West Texas Intermediate was changing hands at $94.31 per barrel, reflecting a […]
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