Oil rises as hopes fade on prospects for end of Middle East conflict
Oil drilling rigs
Oil prices rose today, Aug. 18, as the prospects for an agreement to end the war in the Middle East diminished after the US ruled out extending the temporary ceasefire agreement, leading to heightened concerns about global energy supplies.
A senior Iranian official told Reuters that his country would shift to a "fully offensive" military posture after efforts to end the war faltered, while Washington ruled out extending the temporary ceasefire agreement.
A projectile struck a ship passing outside the Strait of Hormuz today, marking the latest in a series of attacks that have kept transit at extremely low levels.
The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data is released by the US Energy Information Administration on Aug. 19.
|
Brent, WTI Futures Prices |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
|
Change |
|
Brent (October delivery) |
91.44 |
0.57 |
0.65% |
|
|
WTI (September delivery) |
85.16 |
0.66 |
0.80% |
|
*At 07:55 am Makkah time
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