Oil jumps at week’s open as US military hits Iranian launchers
Prices are buffeted by stop-start efforts to end fighting
Oil prices surged at the start of the week following US military strikes on Iranian launchers positioned to deploy mines into the Strait of Hormuz. This action marked an end to a period of relative calm following months of conflict in the region. Brent crude for November rose above US$90 a barrel, while West Texas Intermediate approached US$86.
Analysts have been underwhelmed by the US actions, despite the pledge to isolate and cripple Iran's economy. Nevertheless, approximately six million to eight million barrels a day continue to flow through Hormuz, according to traders tracking shipments. Iran's semi-official news agency reported that vessel traffic along the approved route is occurring on a limited basis, with some ships reportedly paying tolls.
Trading in Brent futures may be subdued in Monday's session due to a national holiday in parts of the UK, including England.
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- Oil jumps at week’s open as US military hits Iranian launchers straitstimes.com
