2 hrs ago
Brent Crude Nears $97 as West Asia Tensions Escalate
Oil prices rose because the United States and Iran exchanged attacks over the weekend.
Brent crude, a major oil price measure, moved close to $97 per barrel.
Another measure, West Texas Intermediate, traded near $92.
The United States said it attacked three Iranian tankers after Iran targeted US naval warships with missiles.
Iran said it also targeted three tankers, but this claim was not independently confirmed.
Iran also planned a restricted area near the Strait of Hormuz.
The United States said its navy would remain in the Persian Gulf to stop Iranian oil exports and help ships travel safely.
Trading was expected to be quieter because US markets were closed for the Labor Day holiday.
Brent crude rose as much as 1% to $96.90 a barrel in early Asia trading on Monday, September 7.
West Texas Intermediate climbed above $90 to trade near $92 a barrel.
The United States said it struck three Iranian tankers, destroying one, after Iran attacked US naval warships with ballistic missiles.
Iran announced plans for a restricted zone near the Strait of Hormuz, potentially extending into parts of the Persian Gulf.
The United States said it would maintain its naval presence to block Iranian oil exports and protect commercial shipping, while Kpler reported that only one commercial tanker crossed the strait on Saturday.
- Who
- The United States and Iran, including US Energy Secretary Chris Wright and Iranian security officials.
- What
- The two countries exchanged attacks, while oil prices rose and Iran announced a planned restricted zone near the Strait of Hormuz.
- Where
- The Gulf of Oman, the Strait of Hormuz, the Persian Gulf, and wider West Asia.
- When
- Early Asia trading on Monday, September 7, following attacks over the weekend.
- Why
- Prices increased as heightened tensions raised concerns about Iranian oil exports and the safe passage of commercial vessels.
United States account
Iranian account
Weekend attacks
United States account
The United States said it launched strikes against three Iranian tankers, destroying one, in retaliation for Iran's attack on US naval warships with ballistic missiles.
Iranian account
Iran claimed it also targeted three tankers, but the report said there was no independent confirmation.
Shipping and oil exports
United States account
The United States said its naval presence would focus on preventing Iranian oil exports and ensuring safe passage for commercial vessels.
Iranian account
Iran announced a restricted zone near the Strait of Hormuz, which could begin at the US naval blockade line and extend into parts of the Persian Gulf.
Key facts
- Brent crude
- Rose as much as 1% to $96.90 a barrel.
- West Texas Intermediate
- Traded near $92 a barrel after crossing $90.
- US-reported strikes
- The United States said it struck three Iranian tankers and destroyed one.
- Iranian restricted zone
- Iran said a new zone would be established near the Strait of Hormuz, potentially extending into the Persian Gulf.
- US naval presence
- Chris Wright said there would be no reduction in US naval presence in the Persian Gulf.
- Shipping through the strait
- Kpler data said only one commercial tanker crossed the Strait of Hormuz on Saturday.
- Market conditions
- US equity markets were closed Monday for Labor Day, likely making trading in other asset classes thinner.
Sources
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