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Oil prices rise after Trump threatens new strikes on Iran
Brent and WTI were up more than $1 per barrel from Monday, as shipping through the Strait of Hormuz stayed far below pre-war levels.
Oil prices extended a climb after President Trump issued a fresh threat to Iran following an exchange of fire earlier in the month, according to OilPrice.
At the time of writing, Brent crude was trading around $91.48 per barrel and West Texas Intermediate was about $86.97 per barrel, with both contracts up by more than $1 per barrel from Monday.
The report pointed to shipping data indicating tanker traffic through the Strait of Hormuz remains a fraction of pre-war levels, with Reuters citing average daily oil flows out of the Persian Gulf of about 6 million barrels and Kpler showing only five commodity vessels transited the waterway on Monday.
ING commodity analysts warned that escalation could put those flows under renewed pressure, noting that reported transits have recently been in the 6 million to 8 million barrels per day range while their assumption averaged around 5 million barrels per day. The piece also cited ANZ analysis saying Hormuz flows at roughly 6 million barrels per day are still well below pre-conflict levels.
Latest closeWTI crude $86.62 ▲3.9%|Brent $88.80 ▼0.6%