SerpApi.Org
0834 ET – Oil futures extend their gains as the U.S. and Iran continue strikes and U.S. Secretary of State Marco Rubio said Iran isn’t serious about peace talks. His comments come after President Trump said Tuesday that the U.S. isn’t interested in a meeting until Iran is ready to meet in a meaningful way. “This, combined with the opening of new fronts, will likely prompt a wave of speculators to chase prices higher, potentially pushing Brent crude above the triple-digit levels,” says Peter Cardillo of Spartan Capital. WTI is up 3.2% at $87.06 a barrel and Brent is 3.6% higher at $94.29. ([email protected])
Brent Climbs Past $94 a Barrel on Mounting Supply Risks
0757 GMT – Oil prices extend gains, with Brent crude topping $94 a barrel after President Trump minimized the prospect of immediate talks with Iran. In early European trading, the global oil benchmark climbs 4.1% to $94.72 a barrel, the highest in nearly seven weeks, while WTI futures are up 4.1% to $87.78 a barrel. Traffic through the Strait of Hormuz has declined sharply, while several tankers are moving to avoid the Bab el-Mandeb Strait, market watchers say. Meanwhile, the Caspian Pipeline Consortium stopped receiving oil from Kazakhstan after suspending loadings due to attacks on oil tankers at its Black Sea terminal, according to reports. “Factoring in the renewed disruptions from the Persian Gulf, risks to Saudi crude exports from the Red Sea, and developments in the Black Sea, one may argue that Brent at just over $91 a barrel is undervalued,” analysts at ING say. “Particularly if these disruptions persist into August.” ([email protected])
Oil Rises Amid Growing Concerns Over Supply Disruptions in Middle East
2336 GMT — Oil rises in early Asian trade amid growing concerns over supply disruptions in the Middle East. “A Kuwaiti oil tanker was attacked in the Strait of Hormuz northeast of Oman by an unknown projectile,” ANZ Research analysts say in a research report. “This follows strikes in recent days on vessels owned by Dynacom Tankers Management,” the analysts say. This has left the Strait of Hormuz “deserted, with no ships observed transiting the waterway on Tuesday,” they say. Also, prospect of a U.S.-Iran ceasefire agreement has faded, the analysts add. Front-month WTI crude oil futures are 0.4% higher at $84.68 per barrel. ([email protected])
Oil Prices to Top US$100 per Barrel as War Continues
2251 GMT [Dow Jones]—The U.S. dollar edged higher through U.S. and European trading as the U.S. and Iran exchanged strikes for a 10th consecutive day, says Samara Hammoud, currency strategist at CBA. CBA expects the strikes in the Middle East to continue for the next two months, bringing with it a renewed closure of the Strait of Hormuz and pushing Brent oil prices toward US$100 per barrel. A continuation of the Middle East conflict should support the USD because of its safe‑haven status and typically positive correlation with oil prices, Hammoud adds. ([email protected]; X @JamesGlynnWSJ)