Crude Prices Soar as US-Iran Tensions Persist Amid Partial Pipeline Restorations

Crude oil prices rose for a second straight day as tensions between the US and Iran persisted, despite Saudi Arabia resuming some pipeline flows. Brent crude surpassed $106 per barrel, while West Texas Intermediate neared $94.

The lack of progress in negotiations between the two countries, combined with strong demand indicators, offset the partial restoration of petroleum flows through a major pipeline corridor in Saudi Arabia.

Iranian officials have expressed skepticism about reaching an agreement to end hostilities with Washington and restore access through the Strait of Hormuz before the US midterm elections in November. The US President Donald Trump has rejected a proposal to fully reopen the waterway within seven days, according to Bloomberg.