Commodities
Iran-US Tensions Support Oil Prices Amid Disruptions
The escalating tensions between the US and Iran in the Persian Gulf are supporting oil prices, according to ING analysts Warren Patterson and Ewa Manthey.
Despite the US striking several Iranian-linked tankers, oil continues to flow through the Strait of Hormuz, averaging over 9m b/d, thanks in part to US Navy escorts.
OPEC+ has kept its output quotas unchanged for October, with most members producing below their quota due to ongoing disruptions in the region.
Speculative net longs in ICE Brent have risen significantly, with speculators buying 37,837 lots over the last reporting week, leaving them with a net long of 261,435 lots.