Business
Oil rises on renewed US-Iran hostilities, threat of Red Sea closure
Oil
Oil prices surged more than 4% on Friday, reaching their highest levels in over a month as escalating hostilities between the US and Iran heightened fears of disruptions to global energy supplies. Brent crude settled at $88.10 a barrel and US West Texas Intermediate closed at $82.49, with both benchmarks posting weekly gains of around 16%.
Gas
Asian spot LNG prices climbed for a fourth consecutive week to their highest level in nearly four months as escalating US-Iran hostilities renewed concerns over supply disruptions through the Strait of Hormuz. The benchmark price for September delivery to northeast Asia rose to $20.10 per million British thermal units.
European gas prices also strengthened as slower LNG imports raised concerns over replenishing storage ahead of winter. Although storage levels edged higher, lower import volumes and weaker injection rates continued to fuel uncertainty over Europe’s gas supply.
This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.