Global oil prices rise 3% as Iran crisis curbs Middle East supply
Oil prices rose 3% on Wednesday as the US-Israeli war against Iran disrupted supplies in the Middle East. But the pace of gains slowed from previous sessions after President Donald Trump suggested the US Navy could escort ships through the Strait of Hormuz.
Brent crude rose $2.67 to $84.07 a barrel. U.S. West Texas Intermediate crude rose $2.24 to $76.80, hitting its highest level since June. Both benchmarks have gained about 5% or more in the past two sessions.
According to analysts, the main short-term driver of oil prices remains the US-Iran conflict. At this stage, only clear signs of de-escalation can soften or reverse the current trend, and such signals are currently lacking.
Israeli and American forces struck targets across Iran, prompting Iranian attacks against energy infrastructure in a region that accounts for just under a third of global oil production.
Iraq, the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels per day, about half of its output, due to storage constraints and the lack of an export route. Iraqi officials said the country could be forced to cut output of nearly 3 million barrels per day within days if exports do not resume.
Iran has also targeted tankers in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas flows. Traffic through the Strait remains virtually closed.
Trump said the US Navy could begin escorting oil tankers through the Strait if necessary, adding that he had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Persian Gulf.
Analysts said this was welcome news, but it was clear it wouldn't happen overnight. Naval escorts would be helpful, but again, this effort will take time. Some analysts were unsure whether the move would cap the oil price's upward trend for the long term.
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