Crude Oil Rises for 2nd Session
Crude oil rose above $93 a barrel on Thursday, extending a 1.8% gain in the previous session, as heightened Middle East tensions clouded prospects for a diplomatic resolution to the conflict. Military adviser to Iran’s Supreme Leader Yahya Rahim Safavi warned that the conflict could expand from the Persian Gulf, Strait of Hormuz and Red Sea to the Indian Ocean if the US or Israel launches another attack. His remarks weakened optimism surrounding US-Iran discussions on the sidelines of the UN General Assembly. Iranian President Masoud Pezeshkian said Tehran was prepared to resume talks on ending the conflict but would not respond to threats. He also said Iran would restrict freedom of navigation through the Strait of Hormuz while US sanctions and a blockade remain in place. With Washington and Tehran still divided over key issues affecting energy transit, oil markets remained highly sensitive to further escalation.
8% gain in the previous session, as heightened Middle East tensions clouded prospects for a diplomatic resolution to the conflict. Military adviser to Iran’s Supreme Leader Yahya Rahim Safavi warned that the conflict could expand from the Persian Gulf, Strait of Hormuz and Red Sea to the Indian Ocean if the US or Israel launches another attack. His remarks weakened optimism surrounding US-Iran discussions on the sidelines of the UN General Assembly. Iranian President Masoud Pezeshkian said Tehran was prepared to resume talks on ending the conflict but would not respond to threats.
He also said Iran would restrict freedom of navigation through the Strait of Hormuz while US sanctions and a blockade remain in place. With Washington and Tehran still divided over key issues affecting energy transit, oil markets remained highly sensitive to further escalation.