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Oil surges monthly as Iran conflict risks spread to Black Sea
Brent settled about 1.2% higher near $88 a barrel and WTI rose around 1.0% to finish just below $85, as July gains pushed Brent up nearly 24%.
Oil prices posted their biggest monthly gain since March as traders weighed renewed risks to crude supply stretching from the Persian Gulf to the Black Sea, according to LiveMint Markets.
Brent’s most active contract settled up 1.2% near $88 a barrel, while West Texas Intermediate rose 1.0% to settle below $85. All energy markets surged higher in July, with Brent posting nearly a 24% gain, and products including diesel and natural gas also logging big increases.
The move was driven by signs that armed hostilities could drag on after President Donald Trump said he was losing confidence in Iranian negotiators. LiveMint Markets also cited attacks on ships loading oil around the Caspian Pipeline Consortium terminal in Russia’s Black Sea, adding pressure to prices and raising questions about the safety of exporting CPC-linked barrels.
LiveMint Markets reported that the CPC would continue operations after discussions scheduled for Friday about whether to indefinitely halt shipments, with European refiners relying heavily on those barrels. The article also pointed to a collapsed pause between Washington and Tehran in July, with the Houthis entering the Red Sea and further disruptions weighing on shipping risk.
Latest closeWTI crude $84.21 ▼0.3%|Brent $89.45 ▼1.4%|Nat gas $2.747 ▲0.8%