Brent crude oil tops $116, a six-month high, as tensions swell in the Middle East
U.S. President Donald Trump accused Iran on Thursday of trying to manipulate the oil market.
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U.S. President Donald Trump accused Iran on Thursday of trying to manipulate the oil market.
Developments in the Middle East remain in focus, with attacks on commercial ships transiting the Strait of Hormuz escalating in recent weeks.
Fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a massive wave of drone strikes on Sunday.
U.S. crude oil prices rose sharply Friday as Iran escalated attacks in the Strait of Hormuz this week.
The flow of supply by Ormuz has recovered, but high risks increase freight to record levels in a market that has a shortage of ships
Oil markets remain on edge over potential Middle East supply disruptions, with Brent trading around $100 a barrel as the risk of further escalation persists.
The G7 will deploy 100 million barrels of reserves over the next four months, the group's leaders said in a joint statement.
Oil prices rose sharply Thursday following a report the U.S. is sending a third aircraft carrier strike group to the Middle East.
The precious metal has fallen by more than 10% since August, in parallel to the rise of oil and the expectations of type rises
The East-West tube, attacked by pro-Iranian militia drones and key to alleviating the global supply crisis, had been closed for more than two weeks.
Brent crude tops $106 a barrel after Iran-aligned rebel group claims to have successfully attacked Aramco facilities.
The closure of the Saudi pipeline Este- West is the last adversity for the supply of crude oil to the world, while the fall of reserves and diesel and gasoline are increasing record
International oil prices are anchored above $100 per barrel in the Brent and WTI references, similar to those seen in mid-May. The widespread conflict in the Middle East has led to dissupply, which in turn affects the supply of derivatives such as petrol and diesel.