Brent Crude Surges Above $91/Bbl Amid Middle East Tensions

Oil prices continued their upward trend for a third consecutive session, with ICE Brent trading above $91/bbl.

The surge in oil prices is attributed to supply concerns, particularly after US President Donald Trump's decision not to extend the US-Iran peace agreement and ongoing security concerns in the Strait of Hormuz.

Saudi Arabia is reportedly offering crude cargoes from locations off the coast of Oman, indicating efforts to expand export routes outside the Persian Gulf.

Meanwhile, Chinese refinery throughput fell 15.8% year-on-year to 12.5m b/d in July, highlighting weak refining activity and a decline in apparent oil demand by 17.5% YoY to 12.04m b/d.