<\/p>\n
Brent oil fluctuated near a five-month high as traders weighed the risk of further Iranian attacks in the Strait of Hormuz against robust crude flows from the Persian Gulf.<\/p>\n
The global benchmark was just below $110 a barrel, near the highest since May, while the most-active West Texas Intermediate contract was close to $99. Iran has \u201cno choice\u201d but to assert control over Hormuz to safeguard the country\u2019s security, First Vice President Mohammad Reza Aref said Monday, according to a report from state-run news agency IRNA.<\/p>\n
Despite a recent flareup in hostilities around the waterway, crude exports from the Gulf have continued at an accelerated pace. US Energy Secretary Chris Wright told Fox News that flows had recovered to about 80% of their prewar level, although refined-product shipments remained constrained.<\/p>\n
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Brent has surged about 80% this year as widening conflicts in the Middle East and between Russia and Ukraine disrupt energy supplies. Refined products have rallied even harder, with European diesel futures surging. Renewed attacks on tankers and energy infrastructure are keeping geopolitical risk elevated even as Persian Gulf crude flows recover.<\/p>\n
\u201cThe risks to oil prices clearly lie to the upside,\u201d said Hamad Hussain, a commodities economist at Capital Economics Ltd. The escalation in attacks on ships raises the possibility of a \u201crenewed fall in oil supply and a continued rise in prices,\u201d he added.<\/p>\n
Iran\u2019s Aref said the Islamic Republic could ensure safe passage through Hormuz for friendly nations, but warned that the \u201cthe US is now the cause of the current situation and must pay the price.\u201d He made the comments during a meeting in Tajikistan with Russian Prime Minister Mikhail Mishustin.<\/p>\n
Iraq is among Persian Gulf producers that have ramped up crude flows, with the country\u2019s oil minister saying exports have exceeded 3.4 million barrels a day so far this month. Shipments are now close to prewar levels after the OPEC member offered deep discounts to regional benchmarks.<\/p>\n
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Meanwhile, the Trump administration is authorizing the sale of sanctioned oil tankers so they can legitimately ship crude, according to Wright. The move is aimed at expanding capacity as the US-Iran war strains supply and drives up freight costs. He estimated there are about 1,600 vessels in the global \u201cdark fleet.\u201d<\/p>\n
Prices:<\/p>\n
Brent for December settlement was\u00a00.2%\u00a0higher at $109.77\u00a0a barrel at 10:01 a.m. in Singapore.
\nWTI for December delivery was steady at $98.67\u00a0a barrel after closing 0.5% lower on Monday.<\/p>\n
The November contract, which expires Tuesday, was little changed at $103.77 a barrel.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #wavers #fivemonth #high #Iran #threats #vie #flows<\/p>\n","protected":false},"excerpt":{"rendered":"
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