Crude oil rises above $91.50 as Iran strikes US Gulf allies

  • Crude oil prices rose above $91.50 a barrel as Iran continued strikes against US regional allies.
  • Six commodity vessels crossed Hormuz on Wednesday, versus 11 Tuesday and nearly 13 on average.
  • Mitsui O.S.K. Lines expects Strait disruptions to continue beyond year-end, according to its outlook.

Crude oil prices climbed above $91.50 a barrel on Thursday, extending a six-week high as Iran continued strikes against US regional allies after US attacks on Tuesday. Kuwait’s armed forces described the situation as “ongoing Iranian aggression” while its air defenses engaged missiles and drones. Six commodity vessels crossed the Strait of Hormuz (key oil-shipping chokepoint) on Wednesday, down from 11 on Tuesday and a 10-day average of nearly 13. Mitsui O.S.K. Lines, the world’s largest tanker operator, expects the disruption to last longer than previously anticipated, with no normalization by year-end. Damaged refineries in the Middle East and Russia, combined with insufficient replacement capacity elsewhere, are likely to keep global fuel prices elevated into next year.

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Crude oil rises above $91.50 as Iran strikes US Gulf allies - CoinPost Terminal