Crude oil futures rise toward $90 amid Middle East export disruptions
Crude oil futures rose to $89.5 per barrel, the highest in over one month, as more Middle East strikes prolonged suspended regional exports amid heightened US-Iran conflict.
Crude oil futures rose to $89.5 per barrel on Tuesday, the highest in over one month, as more strikes in the Middle East prolonged the period of suspended exports from the region.
The US launched a new wave of attacks against Iran after both countries exchanged strikes earlier in the week, heightening the conflict even though the US had signaled it would stick to only economic measures against Tehran.
Tanker flows were set to drop sharply after reports that GCC nations enabled the export of barrels had allowed for some respite in crude oil and refined goods prices.
A greater rebound to crude prices were prevented by major economies tapping on inventory to tame higher import turnover.
The US SPR plunged to less than 290 million barrels, the lowest since 1982.
On top of that, China significantly cut imports of crude oil and refinery runs in the country were cut by only 1.6 million barrels per day, indicating the cutback in crude consumption despite steady demand for refined product.