Oil hits more than three-week high

Oil hits more than three-week high. Add BRecorder as a trusted source on Google.

Key points

• Brent crude futures were up USD 1.94, or 2.1 percent, to USD 93.56 a barrel at 1: 49 p.m.
• "Tensions in the Middle East remain high, leaving room for further supply disruptions, " remarked Giovanni Staunovo, an analyst with UBS.
• Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the day before, far below pre-war levels, according to the latest shipping data.
• US stockpiles of distillate fuel, including diesel and heating oil, fell last week for a third straight week, the Energy Information Administration remarked on Wednesday.
• Trump on Wednesday threatened "economic warfare and isolation on an unprecedented scale" against Tehran, warning of consequences for any country that provided "any type of lifeline to Iran".

NEW YORK: Oil rates rose to more than a three-week high on Thursday after US President Donald Trump cautioned of retaliation against nations supporting Iran, his latest attempt to resolve a war that has stranded millions of barrels of Middle Eastern oil.

Brent crude futures were up USD 1.94, or 2.1 percent, to USD 93.56 a barrel at 1: 49 p.m. EDT, the highest cost since July 24. US West Texas Intermediate crude futures for September rose USD 2.18, or 2.5 percent, to USD 88.01 a barrel, additionally the highest level since July 24.

For context, the September WTI contract expires afterwards on Thursday. The October WTI contract was up 2.7 percent at USD 86.68 a barrel.

Trump on Wednesday threatened "economic warfare and isolation on an unprecedented scale" against Tehran, warning of consequences for any country that provided "any type of lifeline to Iran". US Treasury Secretary Scott Bessent remarked he would hold a press conference on Monday "to talk about exactly what we're going to do."

Thousands of individuals have been killed in the war. It began almost six months ago when the US and Israel introduced military strikes on Iran. Tehran's blockade of the Strait of Hormuz and Iranian attacks on energy facilities throughout the Middle East have sharply disrupted the flow of oil and gas to other parts of the world.

"Tensions in the Middle East remain high, leaving room for further supply disruptions, " remarked Giovanni Staunovo, an analyst with UBS. "Lower oil exports from the Middle East are once again tightening the oil market."

As China is the largest importer of Iranian crude oil, remarked Alex Hodes, an energy analyst at StoneX, trump's threats against nations helping Iran could potentially become a sensitive topic in US-China relations.

For context, the United Arab Emirates earlier this week suspended all financial and economic transactions with Iran until further notice, refocusing the spotlight on fraught ties between the major Gulf Arab oil producer and Tehran.

Prior to the Iran war, shipments equal to regarding one-fifth of global consumption moved through the waterway.

Notably, the war has additionally impacted the supply of refined fuels and drawn down inventories, with less crude available to refiners.

US stockpiles of distillate fuel, including diesel and heating oil, fell last week for a third straight week, the Energy Information Administration remarked on Wednesday. Nevertheless, crude inventories unexpectedly rose by 4.4 million barrels. Imran Khan shifted to Shifa International Hospital. Govt increases diesel cost by Rs1.64, petrol's by Re0.27 per litre.

Five categories of manufacturers/importers: FBR to charge sales tax on basis of value of supply. PD to establish new SPV for privatisation of three Discos. PD could not bear excessive taxation: Malik. PM renews invitation to PTI for discussions. Aurangzeb shares latest debt position with Senate. US will impose 'toughest sanctions in history' on Iran: Bessent. July profit repatriation falls 11.5pc YoY. Land acquisition: FCC delineates non-entitlement of compensation claim. National Assembly passes bills related to military, National Command Authority. Currency Rate USD PKR Interbank Selling. Item Value Crude Oil USD/Barrel.

Stock Cost First Paramount Mod. (R). Aisha Steel Mills Limited (CPS)(ASLCPS). Ali Asghar Textile Mills Limited(AATM). J.A. Textile Mills Limited(JATM).

For now, oil hits more than three remains the part of the story worth watching, and further updates are likely as more details are confirmed.