Commodities
Home›Commodities›Energy›Brent jumps over 4% as Middle East tensions boost supp…
Brent jumps over 4% as Middle East tensions boost supply fears
Brent climbed above $105 per barrel for the first time since Sep 25, after a hurricane cut US oil and gas production and more attacks raised concerns over shipping through the Gulf and Strait of Hormuz.
Brent crude rose more than 4% to a two-week high as escalating tensions in the Middle East combined with supply worries, Action Forex reported. The move also followed a hurricane that cut US oil and gas production.
The outlet pointed to heightened fears around attacks on ships in the Gulf and the Strait of Hormuz. It also cited the hurricane’s impact, noting that a number of US oil installations were shut down due to bad weather.
Action Forex said the broader deterioration in the conflict picture, including signals related to Yemen and renewed readiness by the US and Israel to attack Iran again, added to pressure on oil prices.
The report said Brent pushed above $105 per barrel for the first time since Sep 25 and retraced more than 61.8% of a prior decline, with the price also breaking above a recovery level from Oct 1.
Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%