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Oil prices supported by supply risks and Iran tensions

Danske Research said Strait of Hormuz crude flows fell 27% from a wartime high, while exports via the Gulf of Oman and Red Sea helped offset the drop.

Reported · Written up by our desk · Major Pairs

European diesel prices jumped after IEA members accelerated previously announced oil stock releases, with supply tightness and Iran-related disruptions supporting higher prices, according to Danske Research Team as relayed by FXStreet.

The note pointed to a sharp drop in Strait of Hormuz crude flows after tanker attacks, while higher exports from the Gulf of Oman and the Red Sea helped partially offset the decline.

Danske Research also flagged that oil was above $102 as the US considers strike options against Iran, with the team saying crude flows through the Strait were down 27% from the wartime high of the prior week.

Latest closeWTI crude $89.70 ▼1.6%

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