By Robert Harvey <\/p>\n
LONDON, Sept 1 (Reuters) – Oil prices gained on Tuesday as the resumption of fighting between the U.S. and Iran in the Middle East renewed fears \u200cof supply disruptions from the world’s key crude-producing region. <\/p>\n
Brent crude futures were up $1.18, or \u200c1.3%, to $91.67 a barrel at 0739 GMT, while U.S. West Texas Intermediate crude was up $1.27, or 1.48%, to $87.03. <\/p>\n
On Monday, U.S. \u200bPresident Donald Trump threatened further strikes against Iran following the first exchange of direct attacks between the countries since late July, raising tensions in a conflict that had recently shifted into an economic standoff. <\/p>\n
“The tit-for-tat missile exchanges between the US and Iran bring validation to those who believe that even \u200cif not a ‘forever war’, this conflict \u2060will run and run,” said PVM analyst John Evans. <\/p>\n
Iran’s President Masoud Pezeshkian said on Tuesday that his country would immediately reciprocate if the U.S. returned \u2060to its commitments under the interim peace deal signed in June. <\/p>\n
Efforts by mediators including Qatar and Oman to broker a deal to reopen the Strait of Hormuz, which carried about a fifth of global \u200boil \u200bsupplies before the war erupted in late February, have \u200bso far proven inconclusive. <\/p>\n
On Monday, the \u200cnumber of visible commodity vessels transiting the Strait of Hormuz held at about five per day, below the 10-day average of around 14, shipping data from Kpler showed. None of the five ships were liquid tankers. <\/p>\n
Highlighting the risks that remain to shipping and oil supply, the United Kingdom Maritime Trade Operations agency (UKMTO) said on Tuesday a tanker reported being struck by three projectiles while \u200csailing out of the Strait of Hormuz. No casualties \u200bor environmental impacts were reported. <\/p>\n
“Despite satellite tracking firms suggesting \u200boil flowing through Hormuz is around 6 \u200bmillion barrels per day, that is well below pre-conflict levels,” said ANZ \u200canalysts in a note. <\/p>\n
“In the meantime, the \u200bbuffers the global oil market \u200bhas been relying on are becoming exhausted. U.S. inventories are nearing minimum levels, while China’s ability to keep imports low will be tested as seasonal demand picks up.” <\/p>\n
Analysts polled \u200bby Reuters in August expect \u200coil prices to remain above $80 a barrel in 2026 as shipping disruptions continue. [O\/POLL] <\/p>\n
(Reporting by \u200bRobert Harvey in London, Noel John and Sumit Saha in Bengaluru, Emily Chow \u200bin Singapore; Editing by Christian Schmollinger, Aidan Lewis) <\/p>\n","protected":false},"excerpt":{"rendered":"By Robert Harvey LONDON, Sept 1 (Reuters) – Oil prices gained on Tuesday as the resumption of fighting…\n","protected":false},"author":2,"featured_media":272627,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[74388,34,74386,351,74387,74389,1518,683],"class_list":["post-272626","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-harvey","tag-iran","tag-john-evans","tag-reuters","tag-robert-harvey","tag-sept-1","tag-tuesday","tag-u-s"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117195103859250994","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/272626","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=272626"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/272626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/272627"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=272626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=272626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=272626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}