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Commodities

Persian Gulf Tensions Support Oil Prices Amid Uninterrupted Shipments

Guavy AI Editorial Team
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Oil
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Oil prices have maintained their gains despite escalating tensions in the Persian Gulf region. The ICE Brent crude futures contract has held above $95 per barrel amid a recent surge in hostilities between the US and Iran.

The latest escalation includes Iran firing missiles into neighboring countries, but the rally may lose traction if shipments through the Strait of Hormuz continue uninterrupted.

Iraq's oil exports have picked up in August, with 2.35 million barrels per day (b/d) exported, including 2.26 million b/d from southern routes that would need to pass through the Strait of Hormuz.

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