Gulf countries boosted crude oil and condensate exports in the first half of July to the highest levels since before the Iran war began in late February, shipping data showed, although flows through the Strait of Hormuz are now slowing as fighting escalates.
Two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia's Black Sea coast, CPC said on Sunday, adding that oil loadings are suspended.
Video: WSJ's David Uberti explains how the Strategic Petroleum Reserve works to help blunt the impact of oil shocks such as the Iran War.
A few words of caution before you start buying stocks.
Oil rose in early trade amid escalating concerns over supply disruptions in the Middle East.
WTI crude oil is testing key resistance after a strong recovery, with a breakout potentially opening the path toward higher Fibonacci targets.
Oil prices rose for a fourth straight day on Thursday after a new wave of U.S. strikes on Iranian military installations fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz.
Oil rose in the early Asian trade amid prospects of an escalating Middle East conflict.
Commercial crude oil stocks fell by 1.7 million barrels last week. Analysts expected crude stocks to decline by 900,000 barrels.
Oil rose on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran launched retaliatory strikes on U.S. infrastructure in the region.
Americans could soon see gasoline prices top $4 a gallon again as renewed hostilities between the U.S. and Iran have pushed energy prices higher by paralyzing traffic through the Strait of Hormuz, a critical route for global oil supplies.
Brent crude futures have jumped 15% already this week as tensions between the U.S. and Iran have escalated.