Crude Oil Rebounds on Friday
Crude oil inched up toward $92 per barrel on Friday, holding gains from the previous session as mounting supply risks counterbalanced temporary relief that the US would not escalate the conflict against Iran this month. Freight costs for tankers crossing the Persian Gulf soared to record highs, and traffic through the Strait of Hormuz declined as maritime agencies flagged a series of attacks on vessels in the area. Ongoing conflict across the Middle East continued to disrupt OPEC+ output, curtailing crude flows to major refining hubs. Adding to supply concerns, recent EIA data showed that the US Strategic Petroleum Reserve fell to a near-record low. Meanwhile, Hurricane Isaias forced operators in the Gulf of Mexico to shut in over 60% of the region's crude production capacity. These disruptions overshadowed the brief pullback triggered when US President Trump indicated that Iran would not face strikes before the midterm elections on November 3rd.
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Crude oil inched up toward $92 per barrel on Friday, holding gains from the previous session as mounting supply risks counterbalanced temporary relief that the US would not escalate the conflict against Iran this month. Freight costs for tankers crossing the Persian Gulf soared to record highs, and traffic through the Strait of Hormuz declined as maritime agencies flagged a series of attacks on vessels in the area. Ongoing conflict across the Middle East continued to disrupt OPEC+ output, curtailing crude flows to major refining hubs. Adding to supply concerns, recent EIA data showed that the US Strategic Petroleum Reserve fell to a near-record low.
Meanwhile, Hurricane Isaias forced operators in the Gulf of Mexico to shut in over 60% of the region's crude production capacity. These disruptions overshadowed the brief pullback triggered when US President Trump indicated that Iran would not face strikes before the midterm elections on November 3rd.