Oil rises 4%, Brent nears $95
Oil drilling platform. Oil prices rose to their highest in nearly six weeks during Wednesday trading, after U.S. forces conducted strikes targeting Iranian military objectives for the eleventh consecutive night. U.S. Secretary of State Marco Rubio warned his counterparts from the Association of Southeast Asian Nations that Iran's demand to control the Strait of Hormuz and impose transit fees threatens the global economy and the principle of freedom of navigation, according to the Associated Press. Data from the American Petroleum Institute showed a rise in crude inventories in the United States, while markets await the release of official data.
Oil rises 4%, Brent nears $95
Oil drilling platform
Oil prices climbed to their highest in nearly six weeks during Wednesday trading, after U.S. forces conducted strikes targeting Iranian military objectives for the eleventh consecutive night.
U.S. Secretary of State Marco Rubio warned his counterparts from the Association of Southeast Asian Nations (ASEAN) that Iran's demand to control the Strait of Hormuz and impose transit fees there threatens the global economy and the principle of freedom of navigation, according to the Associated Press.
Data from the American Petroleum Institute showed a rise in crude inventories in the United States, while markets await the release of official data from the Energy Information Administration later today, amid expectations of a decline of about 2 million barrels.
Change in futures prices for the two benchmark crudes
Crude
Price (dollar/barrel)
Change value (dollar)
Change rate (%)
Brent (September delivery)
94.66
+3.65
+4.00%
Nymex (September delivery)
87.96
+3.62
+4.30%
* At 12:25 PM Mecca time.
Brent and Nymex crude prices
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Original source: Argaam
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