Oil prices hold near $97 as US-Iran conflict and Hormuz disruptions keep geopolitical premium high
Oil prices were mixed early on Monday (September 7), with global benchmark Brent crude holding near $97 a barrel as markets continued to assess the impact of the U.S.-Iran conflict and disruptions around the Strait of Hormuz. As of 8:28 am Tokyo time on Sept. 7, the market snapshot showed Brent crude up 0.43% to $96.69 , WTI Crude up 0.60% to $92.03 , and Murban crude at $103.30 , down -1.36%.…
Oil prices were mixed early on Monday, with Brent crude holding near $97 a barrel as markets assessed the impact of the U.S.-Iran conflict and disruptions around the Strait of Hormuz. Brent crude was up 0.43% to $96.69, while WTI Crude increased 0.60% to $92.03. Murban crude was down 1.36% at $103.30. Natural gas saw a decline of 1.5% to $2.929.
The recent surge in oil prices marked the strongest weekly gain since July, with Brent ending last week at $96.28, up 7.6%, and U.S. West Texas Intermediate rising nearly 10% to $91.48. The Strait of Hormuz remains the focal point of the oil market's risk calculation, as tanker traffic has been significantly disrupted due to the conflict.
The uncertainty surrounding shipping in the region keeps a geopolitical premium embedded in crude prices.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- US denies Iran's claim of strike on American vessel near Strait of Hormuz livemint.com
- Iran will declare a ‘prohibited zone’ near Hormuz in coming days: security chief scmp.com
- US denies Iranian attack on American warship amid Hormuz tensions english.ajel.sa
- Iran claims a strike on a U.S. ship in the Strait of Hormuz but the U.S. denies it pbs.org
