Oil prices are advancing for a third consecutive session on Wednesday, driven by mounting concerns over energy flows through the Strait of Hormuz following a sharp escalation in hostilities between the United States and Iran — ending nearly a month of relative calm in the Middle East.
Brent crude, the European benchmark, was up 0.9% at $95.55 per barrel at the time of writing, after surging 4.6% in the previous session. West Texas Intermediate (WTI), the US benchmark, rose 0.66% to $90.81 per barrel, while natural gas traded in Amsterdam gained 1.52% to €84.93 per megawatt-hour.
The US targeted the Islamic Republic for a second consecutive day, with President Donald Trump declaring the latest round of strikes concluded while warning Tehran of retaliation for any response. Despite the warning, Iran struck US military bases in Jordan, Bahrain, and Kuwait.
As part of the campaign against Iran, US forces attacked two Iranian government vessels under a so-called ‘tanker-for-tanker’ policy, Axios reported, citing sources familiar with the matter. According to the publication, the policy was recently approved by Trump with the aim of deterring Tehran from attacking ships transiting the Strait of Hormuz.
‘The rapid escalations of the past 36 hours are driving oil prices higher, as the possibility of further disruptions to the Strait, or attacks on broader oil infrastructure, is being priced in as a risk premium,’ said Saul Kavonic, senior energy analyst at MST Marquee, speaking to Bloomberg.
Despite investor concerns, US officials maintained that oil continues to flow through the Strait of Hormuz. Treasury Secretary Scott Bessent said 17 million barrels of crude transited the waterway on Monday, and assured markets that Iran holds no control over the strategic chokepoint.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=536229
