- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,188.30+0.44%
- INTEREST37.00%-1.00
- BITCOIN81,638-0.60%
- October 17, 202612°
- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,188.30+0.44%
- INTEREST37.00%-1.00
- BITCOIN81,638-0.60%
- October 17, 202612°
Brent crude rises above $101.20 as US-Iran tensions drive oil prices higher
Oil prices rose 3.5% on Wednesday, September 9, with Brent crude reaching $101.20 a barrel as of 3:30 p.m. Greenwich time. Tensions between the United States and Iran, along with risks to shipments through the Strait of Hormuz, heightened concerns in energy markets.
Oil prices rose 3.5% on Wednesday, September 9, as the impact of tensions between the United States and Iran was felt across energy markets. Brent crude, the international benchmark, rose to $101.20 a barrel as of 3:30 p.m. Greenwich time.
The price movement was driven by concerns that new attacks exchanged between the two countries could threaten global energy supplies. Market participants are monitoring potential disruptions in the Strait of Hormuz, one of the key routes for oil shipments.
Security risks around the Strait of Hormuz
As tensions between the United States and Iran escalated, concerns over maritime transport in the Strait of Hormuz also supported oil prices. The waterway is one of the world's most important routes for oil shipments.
After Iran launched ballistic missiles at two warships belonging to the US Navy last weekend, the US military attacked three Iranian oil tankers.
Iran, meanwhile, warned the crews of vessels near the ports of Kuwait and Bahrain to leave their ships. The development increased risks to maritime security and oil shipments in the region.
Energy infrastructure targeted in southern Saudi Arabia
The latest tensions added to existing risks to oil supplies. The Houthis, backed by Iran, carried out attacks on energy infrastructure in southern Saudi Arabia. The targets included an oil refinery in Jizan with a capacity of approximately 400,000 barrels per day.
A significant share of crude oil and petroleum products is transported through the area around the Strait of Hormuz. A prolonged disruption to tanker traffic along the waterway could reduce global supplies and drive up energy prices.
Chinese refineries turn to alternative sources
A recovery in demand from China also supported oil prices. Due to shipment disruptions in the Gulf region, Chinese refineries sought alternative crude from producers in Africa, Canada and Latin America.
Turning to more distant suppliers is expected to raise shipping costs and intensify competition for crude grades outside the Middle East.
Stay Updated with RuskiGazeta
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
