U.S. West Texas Intermediate crude futures<\/a>\u00a0were up 42 cents to $85.04 a barrel, after gaining more than 1% earlier in the session to $85.37, their highest since July 31.<\/p>\n“Oil\u00a0has jumped to start the week as U.S.-Iran relations look increasingly shaky. A deal to reopen the Strait of Hormuz still does not appear to be in sight, and shipping numbers remain at a trickle,” said chief market analyst at KCM, Tim Waterer.<\/p>\n
Following attacks on tankers, only five commodity vessels transited the Hormuz strait on Saturday, with none registered for Sunday, ship-tracking data from Kpler showed, versus 31 in the prior weekend.<\/p>\n
Yemen’s Houthis\u00a0attacked\u00a0what they described as a Saudi military ship and four escort vessels in the Red Sea with missiles, according to the group’s military spokesperson Yahya Saree on Telegram.<\/p>\n
“The dual chokehold on the Strait of Hormuz and the Bab el-Mandeb remains highly significant. These are not secondary concerns. They sit at the center of the current supply-risk narrative,” KCM’s Waterer said.<\/p>\n
Iran has separately been negotiating an agreement on managing the strait with Oman and says they are close to a deal. But Trump responded to those negotiations with a\u00a0threat to bomb\u00a0the Gulf state, a longstanding U.S. security partner.<\/p>\n
In a glimmer of hope for diplomacy though, media reports said Trump had opened back-channel discussions with the Islamic Revolutionary Guard Corps.<\/p>\n
U.S. crude\u00a0oil\u00a0stockpiles were expected to have fallen last week alongside product inventories, a preliminary Reuters poll showed on Monday.<\/p>\n
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Oil prices rose on Tuesday as a deal to end the Middle East war seemed further out of…\n","protected":false},"author":2,"featured_media":253658,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[157,135,2165,1822,38,154,780,122,34,207,123,101,69,51,699],"class_list":["post-253657","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-breaking-news-markets","tag-business-news","tag-commodity-markets","tag-crude-oil-markets","tag-donald-trump","tag-energy","tag-federal-reserve-system","tag-ice-brent-crude-oct25","tag-iran","tag-markets","tag-oil-and-gas","tag-strait-of-hormuz","tag-tehran","tag-united-states","tag-wti-crude-sep25"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117113994696820185","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/253657","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=253657"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/253657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/253658"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=253657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=253657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=253657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}