Brent Crude Surges Amid US-Iran Tensions, Fuel Prices Rise Across US Ports

Fuel prices in key US ports have risen across various regions, with notable increases seen in VLSFO, LSMGO, and HSFO grades. As of 08:00 CDT today, Los Angeles saw a $18/mt increase in VLSFO, while New York's price rose by $15/mt. Balboa and Zona Comun also experienced gains, with prices increasing by $14/mt and $2/mt respectively.

Meanwhile, the Brent crude market has seen significant upward pressure due to escalating tensions between the US and Iran. The front-month ICE Brent contract has gained $1.76/bbl on the day, trading at $94.29/bbl as of 08:00 CDT today. Analysts from ING Bank noted that oil prices have reached their 'highest level in more than a month' due to increased geopolitical risk premium.

However, some downward pressure has been applied to Brent's price following a statement from US Secretary of Energy Chris Wright, who claimed that 17 million bbls of crude oil transited the Strait of Hormuz on Monday. While this represents the highest level of crude oil flow through the waterway in recent months, analysts caution that these numbers are uncertain.