Oil edges higher as Iran uncertainty offsets peace hopes
Crude oil prices held modest gains Friday after rebounding from a two-month low, as unresolved tensions over Iran and tanker attacks kept buyers in the market. Brent crude futures stood at $98.29 a barrel, up $3.67, or 3.88% at 8:41 am Beijing time on Nov. 6. WTI futures rose 55 cents, or 0.61%, to $91.07, putting the Brent-WTI spread at $7.22. Murban Crude stood at $95.89, down $5.00, or 4.96%…
Oil prices edged higher on Friday as concerns over Iran's actions and tanker attacks counteracted optimism about a potential peace agreement. Brent crude futures rose to $98.29 a barrel, a 3.88% increase from the previous session, while WTI futures climbed 0.61% to $91.07 a barrel. Murban Crude was down $5.00, or 4.96%, from the prior close.
Brent's gain marked its first increase in four days, following a four-day slump that saw the price fall over 8% to a near two-month low. Despite the region's shipping lanes remaining open, the threat of military action and rising insurance costs has kept the market cautious. The US inventory report showed a decline in crude, gasoline, and distillate stocks, with demand hitting a one-year high.
OPEC data revealed a significant spike in tanker freight costs in the past nine months. Traders are closely monitoring the situation, with Eurasia Group predicting that heightened tensions could push Brent crude prices between $110 and $125 a barrel.
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