Oil prices stay volatile near $91 amid Middle East escalation
Crude stayed volatile around $91 a barrel and near a more-than-month high as investors tracked renewed Middle East hostilities. Six Hormuz vessels transited Wednesday versus 11 Tuesday, while Iraq exports rose to about 2.34 million bpd in August.
Crude oil prices remained volatile on Thursday, swinging around $91 a barrel and trading near their highest levels in more than a month as investors continued to monitor the situation in the Middle East, including the evolving strikes and their impact on oil supplies through Hormuz.
Hostilities resumed earlier this week for the first time since July, with the US striking Iran and Tehran responding with attacks on US bases in Bahrain, Jordan, Kuwait and Iraq.
Meanwhile, US President Trump said on Wednesday that the renewed hostilities in the Middle East would not last “too long”.
Despite the escalation, there were signs that crude supplies were still reaching the market.
Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared to the 10-day average of nearly 13, In addition, Iraq’s oil exports increased to around 2.34 million barrels per day (bpd) in August, with exports expected to rise further in September.