- WTI rose 0.72% to $92.14 a barrel in early Asian trading and Brent gained 0.63% to $96.89 after the latest US-Iran escalation.
- Iran and the US exchanged tanker strikes over the weekend, escalating a six-month conflict and lifting oil prices.
- Vanda Insights founder Vandana Hari said crude futures are not fully reflecting physical tightness and expects further scarcity in the coming weeks and months.
Quotes
“oil prices are likely to continue a slow and steady climb as the U.S. and Iran remain locked in a cycle of escalation around the Strait of Hormuz.”