Brent Tops $105
Brent prices topped $105 a barrel on Thursday, reaching their highest level in nearly a month as concerns over supply disruptions intensified. Reports showed that the White House had asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, while US President Donald Trump said on Wednesday that he no longer wanted a deal with Iran. Also, attacks on shipping in the Gulf and the Strait of Hormuz have intensified, with the Houthis stepping up strikes against Saudi Arabia. Oil prices also received support from supply disruptions in the Gulf of Mexico, where companies including Chevron and Shell have begun curbing production and evacuating personnel from offshore facilities as Tropical Storm Isaias approaches. As of Wednesday, around 25.1% of current US Gulf of Mexico oil production and 16.4% of natural gas production had been shut in because of the storm, according to the Marine Minerals Administration.
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Brent prices topped $105 a barrel on Thursday, reaching their highest level in nearly a month as concerns over supply disruptions intensified. Reports showed that the White House had asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, while US President Donald Trump said on Wednesday that he no longer wanted a deal with Iran. Also, attacks on shipping in the Gulf and the Strait of Hormuz have intensified, with the Houthis stepping up strikes against Saudi Arabia.
Oil prices also received support from supply disruptions in the Gulf of Mexico, where companies including Chevron and Shell have begun curbing production and evacuating personnel from offshore facilities as Tropical Storm Isaias approaches. 4% of natural gas production had been shut in because of the storm, according to the Marine Minerals Administration.