WTI Climbs as Iran Conflict Sharpens Supply Fears
Oil rallied Thursday as Iran conflict fears lifted WTI to US$91.01 and Brent to US$95.63, while Petrobras, Ecopetrol and YPF shares fell on country risk. The post WTI Climbs as Iran Conflict Sharpens Supply Fears appeared first on The Rio Times .
On Thursday, September 3, oil prices rose as tensions between the United States and Iran escalated, tightening an already tight supply market. WTI front-month futures closed near $91.01 per barrel, while Brent settled at $95.63 per barrel. The US Oil Fund, a proxy for retail crude, gained 0.67% to $142.09. However, Latin American oil producer stocks fell: Petrobras slipped 1.68% to $20.51, Ecopetrol dropped 1.77% to $17.20, and YPF declined 2.78% to $52.41.
The divergence between crude and producer equities highlighted country-specific risk and higher funding costs. The rise in crude prices was driven by renewed US-Iran fighting, while producer equities were pressured by commodity and equity risk concerns.
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