Oil Prices Climb as Trump Threatens New Strikes on Iran
Crude oil prices extended their earlier climb after President Trump issued his latest threat to Iran, following the first exchange of fire in weeks. At the time of writing, Brent crude was trading at $91.48 per barrel, with West Texas Intermediate at $86.97 per barrel, both up by over $1 per barrel from Monday.
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Key Facts
- Fact 1: At the time of writing, Brent crude was trading at $91.48 per barrel, with West Texas Intermediate at $86.97 per barrel, both up by over $1 per barrel from Monday.
- Fact 2: Shipping data shows tanker traffic in the Strait of Hormuz remains at a fraction of pre-war levels, with Reuters citing figures suggesting daily oil flows out of the Persian Gulf averaged 6 million barrels, with Kpler data showing just five commodity vessels traversing the waterway on Monday.
- Fact 3: This is below the ten-day average of 14 vessels, Reuters noted in a report.
- Fact 4: “Reports have 6-8m b/d transiting the strait, although we assume an average of 5m b/d.
Crude oil prices extended their earlier climb after President Trump issued his latest threat to Iran, following the first exchange of fire in weeks. At the time of writing, Brent crude was trading at $91.48 per barrel, with West Texas Intermediate at $86.97 per barrel, both up by over $1 per barrel from Monday.
Speaking at the Oval Office on Monday evening, Trump was very clear that the U.S. was ready to "smack" Iran if necessary. Shipping data shows tanker traffic in the Strait of Hormuz remains at a fraction of pre-war levels, with Reuters citing figures suggesting daily oil flows out of the Persian Gulf averaged 6 million barrels, with Kpler data showing just five commodity vessels traversing the waterway on Monday.
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