US-Iran Conflict Drives Brent Crude Prices Up
The US-Iran conflict has escalated, causing Brent crude prices to rise by 1% in a volatile session on Wednesday.
The latest strikes between the two nations have restricted world oil supply, with Brent crude futures settling at $95.63 a barrel and US West Texas Intermediate crude futures rising to $91.01.
Mark Schaefer, a director at brokerage Liquidity Energy, noted that the key concern for the oil market is whether the renewed fighting leads to another deterioration in physical flows through the region.
The Strait of Hormuz, a critical waterway carrying about a fifth of global oil and LNG consumed before the conflict, has seen its traffic restricted, with four commodity vessels transiting it on Wednesday below the 10-day average of around 13.