- October WTI crude rose 5.20% on escalation between the US and Iran, with attacks on vessels and threats to mine the Strait of Hormuz raising disruption risks.
- Oil prices later eased as statements from President Trump suggested any US military action against Iran would be brief, helping Asian markets trade mixed despite a Wall Street technology rally.
- Supply risks remain elevated because Middle East disruptions coincide with reduced Russian crude output and attacks on Russian energy infrastructure, although higher Persian Gulf exports and OPEC+ production increases limit the upside.
Quotes
“the US naval blockade on Iranian ports is putting pressure on the country”
“severe punishment”