Oil settles up by more than 2.5% as US and Iran resume military attacks
Brent rose as high as US $91.52 during the session
Oil prices surged nearly 2.5 percent on Monday following tensions between the US and Iran escalated into a sixth month of military action. Brent crude futures rose 2.71 percent to $90.49 per barrel, while US West Texas Intermediate crude increased 2.83 percent to $85.76 per barrel. Brent reached a session high of $91.52, its highest level since August 25.
These price gains followed Iran's missile attack on two US air bases in Jordan in response to an earlier strike on Iran's Larak Island. US President Donald Trump vowed to "hit them hard" after the incident, with Fox News quoting him as saying "There will be a response." Although Trump's social media post claimed Iran had attacked Kharg Island with missiles, Iran denied the claims and stated that operations continued at the energy hub.
Vice President Kamala Harris suggested the post was intended to send a message to Iran. Mediators are attempting to reopen the Strait of Hormuz, which carries nearly a fifth of global oil supplies, but progress has been slow. As of Sunday, only five shipping vessels were transiting the strait daily. US Treasury Secretary Steven Mnuchin stated that the aim of sanctions on Iran is to create conditions for negotiations to resume.
Additionally, US companies including Chevron, GE Vernova, ONGC, Eni, and GeoPark are expected to finalize deals with Venezuela to replenish the US Strategic Petroleum Reserve, which has hit its lowest level in 44 years.
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- Oil settles up by more than 2.5% as US and Iran resume military attacks businesstimes.com.sg
- Oil settles up by more than 2.5% as US and Iran resume military attacks channelnewsasia.com
