Oil surpasses $94 amid escalating supply risks
Oil drilling rigs
Oil prices rose at the close of trading on July 22, amid growing concerns about disruptions to crude supplies from the Middle East due to ongoing tensions between the US and Iran.
The rise in oil prices came after the US military announced it had carried out new strikes on Iran for the eleventh night in a row, and had intercepted nine Iranian ships since reimposing a naval blockade on Iran.
US President Donald Trump also threatened to bomb Iranian facilities, including bridges and power plants, if Tehran targeted ships in the Strait of Hormuz.
Amid this escalation, the price spread between Brent crude futures contracts for the nearest delivery month and their counterparts for delivery in three months widened to $8.80 a barrel, the highest level since May 22, indicating the possibility of tighter supplies in the near term.
|
Brent, WTI Futures Prices |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
|
Change |
|
Brent (September delivery) |
94.07 |
3.06 |
3.36% |
|
|
WTI (August delivery) |
86.83 |
2.49 |
2.95% |
|
*Settlement on July 22.
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