Brent crude rose above $102 a barrel on Sept. 10, adding to market concerns that a confrontation between the U.S. and Iran could drag on. Bloomberg reported that senior Iranian officials said Tehran would not back down while the U.S. continues attacking Iranian territory and was prepared to escalate its response. U.S. President Donald Trump said the war could last beyond the November midterm elections and that gasoline prices were unlikely to fall meaningfully in the near term, weakening expectations for a quick de-escalation.
The report said Brent crude is up nearly 70% this year, while the physical benchmark briefly touched $114 on Wednesday. U.S. diesel prices are nearing $6 a gallon, and gasoline and diesel prices in Europe are also moving higher, adding to energy inflation pressure. Market participants said oil could climb further if the conflict disrupts shipments through the Strait of Hormuz. The U.S. is currently using a maritime blockade to squeeze Iranian oil exports, and White House advisers have discussed a scenario in which the war lasts through the end of Trump’s term. The report also noted that stronger crude buying from Asian countries is tightening global supply, even as high prices may push some refiners to cut processing runs.
Brent crude climbed above $102 a barrel on Sept. 10 as concerns deepened that a conflict between the U.S. and Iran could become prolonged.
According to Bloomberg, senior Iranian officials said Tehran would not retreat while the U.S. continues attacking Iranian territory and is prepared to escalate its retaliation.
U.S. President Donald Trump said the war may continue beyond the November midterm elections. He also said gasoline prices are unlikely to decline meaningfully in the short term, which weakened expectations that tensions could cool soon.
Oil and refined fuel prices keep rising
Brent crude is up nearly 70% this year, and the physical benchmark briefly reached $114 on Wednesday. At the same time, U.S. diesel prices are approaching $6 a gallon, while gasoline and diesel prices in Europe have continued to rise, adding to energy inflation pressure.
Supply disruption risk remains in focus
Market participants said oil prices could move higher if the conflict starts to affect crude shipments through the Strait of Hormuz.
The U.S. is currently trying to curb Iranian oil exports through a maritime blockade, and White House advisers have discussed a scenario in which the war could last until the end of Trump’s term.
At the same time, stronger crude purchases from Asian countries are tightening global supply. High oil prices, however, may force some refiners to reduce processing volumes. U.S. diesel inventories are expected to fall this month to their lowest level in more than 20 years.
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