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Bloomberg <\/p>\n Bloomberg <\/p>\n
(Bloomberg) — Brent crude rallied back toward $100 a barrel after two tankers were attacked in Iraqi waters, underscoring the broader risks to energy assets across the Middle East and overshadowing a record oil release from the IEA.<\/p>\n
Brent jumped as much as 8.2% to $99.54 a barrel and West Texas Intermediate surged above $94. The nation halted operations at its oil terminals after the ships were targeted, the director of General Company for Ports Iraq told state-run Iraqi News agency. The attacks highlight the threat to shipping all over the region, not just in the Strait of Hormuz, which remains effectively closed.<\/p>\n
Most Read from Bloomberg<\/p>\n
Iraq was one of the first Persian Gulf producers to start reducing output after the near-closure of Hormuz, followed by Kuwait and Saudi Arabia. The cuts have forced the International Energy Agency to act with a co-ordinated release of 400 million barrels \u2014 a historic drawdown that is significantly higher than the volume that followed Russia\u2019s invasion of Ukraine in 2022.<\/p>\n
US President Donald Trump says \u201cwe\u2019ve got to finish the job\u201d in Iran.Source: Bloomberg <\/p>\n
The US announced it plans to release 172 million barrels as part of the effort by nations around the world to cool prices. Global consumption of crude is slightly more than 100 million barrels a day and Gulf producers have had to reduce roughly 6% of that so far. Cuts in the Middle East could climb further.<\/p>\n
\u201cThis is what I was concerned about with the IEA release \u2014 completely ignored, and now prices are higher,\u201d said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. \u201cIt may have sent the wrong signal. What do they know that we don\u2019t?\u201d<\/p>\n
The near-closure of Hormuz, through which a fifth of global oil typically flows, has driven up prices of crude, natural gas and products such as diesel, raising concerns about an inflation crisis.<\/p>\n
\u201cThe only thing that\u2019s really going to bring oil prices back down is if we really see the Strait of Hormuz reopen,\u201d Neil Beveridge, direct of research at Sanford C. Bernstein & Co., said in an interview on Bloomberg Television. The flow rates from strategic reserves are \u201cnothing compared with the 20 million barrels\u201d a day of disruption from the Hormuz closure, he added.<\/p>\n
Oil rose on Wednesday on escalating rhetoric. Iran told regional intermediaries that any ceasefire would require the US to guarantee that neither it nor Israel would strike the country in the future. Washington is unlikely to accept those terms, further dimming expectations that the war will end soon.<\/p>\n","protected":false},"excerpt":{"rendered":"Bloomberg (Bloomberg) — Brent crude rallied back toward $100 a barrel after two tankers were attacked in Iraqi…\n","protected":false},"author":2,"featured_media":15260,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[1824,4503,8133,8068,94,8067,900,864,101,1149],"class_list":{"0":"post-15259","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-iraq","8":"tag-bloomberg","9":"tag-bloomberg-television","10":"tag-general-company-for-ports-iraq","11":"tag-iea","12":"tag-iraq","13":"tag-oil-release","14":"tag-oil-terminals","15":"tag-president-donald-trump","16":"tag-strait-of-hormuz","17":"tag-west-texas-intermediate"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116213962718924355","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/15259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=15259"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/15259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/15260"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=15259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=15259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=15259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}