Commodities
Home›Commodities›Energy›Oil extends four-day gains as Iran-US standoff keeps H…
Oil extends four-day gains as Iran-US standoff keeps Hormuz in focus
WTI for October traded above $84 a barrel and Brent closed near $92, supported by higher refinery runs and lower distillate inventories, according to EIA data.
Oil prices extended a four-day run higher as traders weighed the ongoing standoff between Iran and the United States, with attention focused on the Strait of Hormuz and signs some crude is moving through the waterway to global markets, LiveMint Markets said.
West Texas Intermediate for October traded above $84 a barrel, while Brent closed near $92. U.S. President Donald Trump said there was “a lot of oil” passing through the strait and suggested restarting talks with Tehran was possible “at some point”.
The gains also came after the United Arab Emirates said it would cut all economic ties with Tehran following accusations that Iran fired ballistic missiles at its territory, a move expected to deepen Iran’s economic isolation amid continued U.S. pressure, LiveMint Markets reported.
Additional support arrived from U.S. data, with refinery runs rising to the highest level since 2019 and nationwide distillate inventories, a key gauge for diesel tightness, falling to the lowest level in more than a month, the outlet said. Those factors helped offset a 4.4 million-barrel increase in crude stockpiles last week.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%