Renewed military exchanges between the United States and Iran have reignited the Middle East risk premium in oil markets, driving ICE Brent above US$76 per barrel this week after a gain of around US$4 per barrel.
Crude oil prices advanced in early Asian trading on Wednesday as escalating hostilities between the United States and Iran showed no indication of easing, pushing both major benchmarks to five-week highs.
OPEC+ is preparing to approve one more production increase for September and then put the monthly quota parade on hold through the end of the year.
The United Arab Emirates lifted its crude oil output to a record 4.1 million barrels per day (bpd) in June, according to estimates from the International Energy Agency, marking the highest level the country has ever produced.
US commercial crude oil inventories rose last week even as tensions around the Strait of Hormuz continued to unsettle global oil flows, according to figures from the American Petroleum Institute (API).
President Donald Trump revealed on Monday that sales of Venezuela’s oil by his administration have generated more than $13 billion since the capture of former President Nicolás Maduro on January 3, claiming that the revenue has effectively “paid for that…
