Lates News

Oil prices edged higher as concerns that escalating hostilities could heighten supply risks were fueled by another attack on a major Saudi airport and a fresh tanker strike near the Strait of Hormuz. WTI crude briefly extended its early gain to 1.00%, trading at $91.88 a barrel. Brent crude rose to $103.7. Global benchmark oil prices have climbed more than 70% this year, largely because the U.S.-Iran conflict continues with no clear sign of resolution. Although major Middle Eastern producers have managed to restore crude exports through the Strait of Hormuz to near pre-conflict levels, a surge in tanker attacks and rising regional tensions could threaten those energy shipments. Traders are also closely watching the impact of Hurricane Isaias, which has knocked out power in three U.S. states and killed at least four people. The U.S. Department of Energy said it will approve an emergency exchange of up to 4 million barrels of crude from the Strategic Petroleum Reserve to ease supply disruptions caused by the hurricane.