Oil surges as Brent nears $100/bbl on Red Sea attacks
Seeking Alpha··2 min read
Oil prices extended their gains on Thursday, with Brent crude futures topping $98, after reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran. Brent crude futures (CO1:COM) gained ~5% to $98.70 per barrel, marking their highest level since June 3. U.S. West Texas Intermediate crud...
Oil prices extended their gains on Thursday, with Brent crude futures topping $98, after reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran.
Brent crude futures (CO1:COM) gained ~5% to $98.70 per barrel, marking their highest level since June 3. U.S. West Texas Intermediate crude (CL1:COM) advanced 3.9% to $90.18. Thursday’s price rise put Brent crude futures on course for a monthly gain of 33.7% — the third-biggest monthly jump in the past 10 years. WTI futures were also set for their third-largest monthly rise in a decade, on a monthly increase of 28.4%.
Iran-backed Houthi militants said they fired missiles and drones at the vessels for violating a blockade of Saudi ports that they announced this week.
Goldman Sachs said that oil flows through the Bab el-Mandeb strait have averaged nearly 9 million barrels per day over the past month, including nearly 4 million bpd that might be difficult to reroute with the blocking of multiple chokepoints in the region, Reuters reported.
The U.S. military said it had completed a 12th consecutive night of attacks on Iran, hours after U.S. President Donald Trump vowed to destroy an Iranian bridge or power plant every time Iran shoots at a ship in the Strait of Hormuz.
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