Oil: Iran tensions keep crude prices elevated - Rabobank

FXStreet Insights Team FXStreet

Rabobank's Senior Economist Maartje Wijffelaars notes Oil prices climbed to around $105 per barrel as Iran struck tankers, before Brent eased after US comments on talks with Iran. Despite the pullback, Oil and diesel remain elevated, with Gasoil sharply higher since Tuesday. She highlights hurricane risks to US output and policy-driven diesel stockpile releases.

Crude and diesel stay elevated

"Oil prices rose again yesterday, reaching a session high of about $105 per barrel as Iran struck tankers – an outcome our energy analysts warned about if Iran appeared to be losing control over Hormuz."

"Reports that the US could strike Iran before the midterms and a hurricane hitting US output added pressure. Brent crude then fell after President Trump said talks with Iran were “productive” and that the US would not attack Iran before November’s midterm elections."

"Oil prices nevertheless remained higher on the day and week, currently at $103.3 per barrel. Diesel prices have veered back up even more."

"Gasoil has risen 12% since Tuesday’s dip and is well above the temporary dip after the EU and others announced diesel stockpile releases late last week to avert a US diesel ban."

"Pump prices for diesel have surged to near-record highs."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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