Oil Prices Climb Above $106 as Iran Threatens More Tanker Attacks

Crude oil prices moved higher earlier today, after Iranian officials told Reuters the country’s forces were planning to further intensify strikes on tankers in the Strait of Hormuz, deploying new tactics.

Brent crude was trading at $106.37 per barrel, and West Texas Intermediate was trading at $94.72 per barrel, with the news that Israel’s Benjamin Netanyahu had asked Trump to start bombing Iran again likely to also contribute to the price rise.

Israeli media reported earlier today that Netanyahu had last week urged Trump to restart… Home Oil Prices Oil Futures Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Geopolitics Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Company News Breaking News Premium Articles My Account Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S.

Blends WTI Crude • 11 mins 95.33 +1.19 +1.26% Brent Crude • 11 mins 106.5 +0.81 +0.77% Murban Crude • 16 mins 110.6 -1.67 -1.49% Natural Gas • 11 mins 3.301 +0.018 +0.55% Heating Oil • 11 mins 4.955 +0.021 +0.42% Gasoline • 12 mins 3.252 +0.002 +0.05% Click Here for 150+ Global Oil Prices Gasoline • 12 mins 3.252 +0.002 +0.05% Heating Oil • 11 mins 4.955 +0.021 +0.42% WTI Midland • 4 hours 95.24 +0.42 +0.44% Opec Basket • 1 day 112.3 -1.73 -1.52% Indian Basket • 7 days 121.1 +3.47 +2.95% Click Here for 150+ Global Oil Prices What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices moved higher earlier today, after Iranian officials told Reuters the country’s forces were planning to further intensify strikes on tankers in the Strait of Hormuz, deploying new tactics.

Brent crude was trading at $106.37 per barrel, and West Texas Intermediate was trading at $94.72 per barrel, with the news that Israel’s Benjamin Netanyahu had asked Trump to start bombing Iran again likely to also contribute to the price rise.

Israeli media reported earlier today that Netanyahu had last week urged Trump to restart the strikes before the midterm elections in November, with unnamed sources being quoted as saying that Trump had told the Israeli prime minister to “go ahead and prepare,” without making a firm commitment for the resumption of the hostilities.

The Iranian officials who spoke to Reuters, meanwhile, attributed the recent surge in tanker attacks in the Strait of Hormuz to their new tactics, suggesting these are not about to end anytime soon.

Iran had earlier warned the United States that it was ready to respond pre-emptively to any perceived threat of renewed strikes on its territory.

“The fact that Iranian officials are openly admitting to undermining US efforts to keep oil prices under control speaks volumes about the real intentions behind the so-called 'peace talks,'” Phillip Nova analyst Priyanka Sachdeva said, as quoted by Reuters.

“Iran is well aware of its geographical importance and the havoc higher oil prices can inflict on the global economy, and it may not shy away from using this leverage,” Sachdeva added.

ING commodity analysts, meanwhile, noted the Saudi energy minister’s announcement of plans to ramp up the capacity of the East-West pipeline as a piece of bearish news, with 1.2 million bpd that can be added in a matter of months.

The problem, however, remains what happens to those barrels once they are loaded on tankers.

What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… OPEC Sees Oil Demand Growth Surging to 2.6 Million Bpd in 2027 Argentina Takes Falklands Oil Fight to International Tribunal Dangote Swings to $4.7 Billion Profit Ahead of Africa’s Biggest IPO Leave a comment Most Popular Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.

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