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Brent crude jumps above $95 on Iran, Red Sea supply risks
Brent rose $4.43, or 4.9%, to $95.44 a barrel, after US-Iran diplomatic hopes faded and shipping disruptions threatened Middle East supply.
Brent crude futures extended a sharp rally, climbing above $95 a barrel for the first time since June 11 and rising $4.43, or 4.87%, to $95.44, as investors weighed worsening tensions involving the United States and Iran against prospects for diplomacy, according to LiveMint Markets.
The outlet linked the move to signals that no formal US-Iran negotiations are underway, alongside US President Donald Trump warning of a response if Iran-backed Houthi rebels disrupt shipping in the Red Sea. Trump also repeated threats related to “Pickaxe Mountain,” a site believed to be linked to Iran’s nuclear program.
Meanwhile, the US military carried out its 11th consecutive day of strikes against Iranian targets to weaken Tehran’s ability to threaten commercial shipping through the Strait of Hormuz, with US Central Command saying the strategic waterway remains open despite continued Iranian actions.
Broader supply concerns were also cited, including attacks on tankers near Oman and strikes affecting the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, plus the reported impact of the Houthi threat on Saudi maritime oil exports. LiveMint Markets said front-month Brent and WTI futures are in bullish backwardation exceeding $3 per barrel, compared with near-normal conditions just a few cents.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%