Oil Holds Gains on Middle East Risks
Crude oil traded around $93 per barrel on Friday after gaining for two consecutive sessions, as the US weighed sending another aircraft carrier to the Middle East, raising the prospect of an escalation in the war with Iran and further disruptions to regional energy supplies. The Pentagon is also considering the deployment of 10,000 sailors and Marines to the Persian Gulf, giving President Donald Trump additional options if he decides to intensify attacks on Iran. Trump has reportedly told aides that he expects to resume bombing Iran after the November midterm elections. The renewed tensions come as crude flows from the Middle East have largely recovered to prewar levels, although markets remain doubtful that the recovery can be sustained without a lasting agreement to end the conflict. At least three tankers were attacked this week while passing through the Strait of Hormuz, while Iran and its Houthi allies have also targeted refineries across the region.
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Crude oil traded around $93 per barrel on Friday after gaining for two consecutive sessions, as the US weighed sending another aircraft carrier to the Middle East, raising the prospect of an escalation in the war with Iran and further disruptions to regional energy supplies. The Pentagon is also considering the deployment of 10,000 sailors and Marines to the Persian Gulf, giving President Donald Trump additional options if he decides to intensify attacks on Iran. Trump has reportedly told aides that he expects to resume bombing Iran after the November midterm elections.
The renewed tensions come as crude flows from the Middle East have largely recovered to prewar levels, although markets remain doubtful that the recovery can be sustained without a lasting agreement to end the conflict. At least three tankers were attacked this week while passing through the Strait of Hormuz, while Iran and its Houthi allies have also targeted refineries across the region.