Oil Advances as Iran Targets Persian Gulf Energy Infrastructure
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c(whhn0x}mxl1z3h1fm}00r]_media_dl_1.png Vessel tracking data compiled byArticle content(Bloomberg) — Oil rose after its first decline in almost a week, as Iran stepped up attacks on energy infrastructure around the Persian Gulf.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBrent advanced toward $105 a barrel, after slipping 2.8% on Monday, while West Texas Intermediate was around $98. Operations were suspended at the Shah field in the United Arab Emirates, while an Iraqi oil field and key Emirati port were also targeted by Iranian drones and missiles.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe strikes further hampered the outlook for global energy supplies as the war enters its third week, with a near-complete halt of shipping through the Strait of Hormuz starting to impact consumers, especially in Asia. Oil has risen more than 40% since the war started, but prices fell for the first time in four sessions on Monday as the US prepared to release the first tranche of emergency crude reserves.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“There is a push and a pull constantly dragging the market higher and lower each day, based on the sheer amount of headlines,” Rebecca Babin, a senior energy trader at CIBC Private Wealth Group LLC, said on Bloomberg Television. “This is a market with about 100 stories running at once that’s frantically trying to determine how much supply is off the market and for how long.” Article contentUS President Donald Trump threatened to expand strikes on Kharg Island to target oil infrastructure after last weekend sparing energy assets on the key Iranian export hub. He also said Washington is “hammering” Tehran’s capacity to threaten commercial shipping through the Strait of Hormuz, and reiterated his appeals for help from other nations to secure passage.Article contentArticle contentWashington is allowing Iran to continue shipping crude via the waterway, Treasury Secretary Scott Bessent told CNBC.Article contentIn the Middle East, the UAE and Kuwait both reduced oil output further. Saudi Arabia and the UAE are racing to boost exports through alternative routes that bypass Hormuz.Article contentTransit through the strait is likely to become “increasingly conditional,” with Iran permitting passage for some vessels depending on their political affiliation, JPMorgan Chase & Co. analysts including Natasha Kaneva said in a note. Article contentThe number of Iranian ships crossing the waterway jumped to a wartime high on Monday, according to data compiled by Bloomberg. That included an oil tanker headed for China. Article content“The biggest risk in the market is the Strait of Hormuz remaining constrained for a longer stretch and the market feeling the US and its allies have a limited capacity to alter the dynamic,” said Chris Weston, the head of research at Pepperstone Group in Melbourne.Article contentOn Monday, Trump said he had requested China — among those he’s asked for support in Hormuz — to delay a summit with his counterpart Xi Jinping for about a month, saying it was important for him to remain in Washington to oversee the Iran war.Article contentArticle content—With assistance from Charles Gorrivan.Article contentTrending Subscriber only.
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The United States is losing its grip on Canada's steel market Subscriber only Commodities Posthaste: Even Americans are getting fed up with Donald Trump's tariffs News Bank of Canada expected to hold interest rates as nation faces trade uncertainty, global conflict Economy Saint John's port is booming as Ontario shippers seek to dodge U.S. tariffs Economy Xanadu teams up with Telus to build Canadian quantum computing infrastructure Innovation