Brent crude expands gains, crosses $95
Oil drilling rigs
Oil prices rose during trading today, Sept. 2, continuing their uptrend after both benchmark crudes added more than $4 in the previous session, amid growing concerns about disruption to Middle East supplies following the exchange of military attacks between the US and Iran.
The US launched a series of airstrikes on targets inside Iran, to which Tehran responded with missile and drone attacks targeting US bases in the region, Reuters reported.
As a result, the Iranian Revolutionary Guard announced that these confrontations would further restrict navigation through the Strait of Hormuz.
Data from the American Petroleum Institute showed a decline in US crude inventories, while markets await official data from the Energy Information Administration later today, amid expectations of a slight drop in inventories.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (November delivery) |
95.34 |
0.69 |
0.75% |
|
WTI (October delivery) |
90.56 |
0.34 |
0.40% |
*At 08:01 am Makkah time
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