Crude Gains on Renewed Supply Disruptions
Crude oil rose near $98 a barrel on Thursday amid mounting supply risks in the Middle East. Attacks on commercial vessels in the Strait of Hormuz sank a Singapore-flagged container ship, pushing tanker rates in the Persian Gulf to record highs. The US military has reportedly drawn up plans for new strikes on Iran, potentially involving the MOAB, the largest non-nuclear explosive device in the US arsenal. Iran said it was “counting the moments” until it could strike US warships. Prices were also supported by an 8-million-barrel US inventory draw in the week ended October 9th. The IEA warned that tight diesel markets could persist into next year, while attacks on Saudi Arabia threatened to disrupt the recovery in oil supply. Meanwhile, the US is reportedly considering easing sanctions on “shadow fleet” vessels transporting Russian oil and petroleum products to help ease global supply pressures.
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Crude oil rose near $98 a barrel on Thursday amid mounting supply risks in the Middle East. Attacks on commercial vessels in the Strait of Hormuz sank a Singapore-flagged container ship, pushing tanker rates in the Persian Gulf to record highs. The US military has reportedly drawn up plans for new strikes on Iran, potentially involving the MOAB, the largest non-nuclear explosive device in the US arsenal. Iran said it was “counting the moments” until it could strike US warships.
Prices were also supported by an 8-million-barrel US inventory draw in the week ended October 9th. The IEA warned that tight diesel markets could persist into next year, while attacks on Saudi Arabia threatened to disrupt the recovery in oil supply. Meanwhile, the US is reportedly considering easing sanctions on “shadow fleet” vessels transporting Russian oil and petroleum products to help ease global supply pressures.