DTN Oil Update
Brent Stays Above $100, Rallying on Renewed Iran Tensions
SECAUCUS, N.J. (DTN) -- Brent remained above $100 bbl as crude futures rallied their most in a month Thursday amid renewed Iranian attacks on vessels in the Strait of Hormuz that turned the Middle East's preeminent route for energy back into a flashpoint.
Adding to the rally were production shut-ins in the Gulf of Mexico on concerns over Hurricane Isaias and a bullish U.S. inventory report from Wednesday that showed crude stockpiles falling by 3.2 million bbl while distillate balances trailed year-ago levels by more than 15%.
NYMEX WTI and ICE Brent futures rose more than 3% to 4% on the day as market bulls found their footing again after easing geopolitical tensions in recent weeks drove both crude benchmarks beneath the key $100 bbl mark.
WTI for November delivery rose $3.21, or 3.64%, to settle at $91.49 bbl, after rising to $93.20 during the session.
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Brent for December moved up $4.08, or 4.1%, to close at $104.28 bbl. The session high was $105.92.
Downstream, NYMEX ULSD for November delivery climbed $0.2602, or 5.63%, to finish at $4.8829 gallon. It peaked at $4.9126 for the day.
RBOB for November advanced $0.0818, or 2.53%, to end the session at $3.3160 gallon. It hit an intraday high of $3.3906.
By 2:28 p.m. EDT, the U.S. Dollar Index slid 0.038 points to 101.975 against a basket of currencies.
Energy markets gave back some of their gains after U.S. President Donald Trump stated Washington would not launch military attacks against Iran prior to the Nov. 3 midterm elections. The stance reduces the immediate threat of further escalation in the Middle East, analysts noted.
Thursday's rally came amid reports of a chemical tanker struck by multiple projectiles fired by Iran on Wednesday while the vessel was 51 nautical miles north of Qatar. The British navy reported crew casualties from the incident, which marked the first such attack in a month in the Gulf.
Iranian media channels claimed a second strike on a vessel in the Gulf of Oman near Fujairah, with thermal data showing heat signatures that supported the firing of a missile in the region, though maritime security agencies did not independently verify the incident.
Cargo tracking services, meanwhile, reported that daily transits through the Strait of Hormuz plunged from 125 to just 10 vessels in recent days, driving regional crude exports down by roughly 27% from recent peak levels.
Geopolitical risks also intensified after the head of Iran's Atomic Energy Organization declared via state media that Tehran will neither abandon its uranium enrichment programs nor hand over its accumulated uranium stockpiles.
Underlining Tehran's posture in critical maritime chokepoints, Iran's Major General Vahidi warned that no extra-regional power maintains the right to interfere with or threaten Iranian operations in the Strait of Hormuz.
Further threatening regional infrastructure, a spokesperson for Yemen's Houthi movement claimed responsibility for launching ballistic missiles targeting the airport in Najran and the King Khalid Airbase in Khamis Mushait, Saudi Arabia.
Hurricane Isaias, meanwhile, forced operators to shut in roughly 25% of offshore oil production totaling more than 500,000 bpd, according to the Interior Department's Marine Minerals Administration. DTN WeatherOps reported that the storm was expected to strengthen before making landfall between Alabama and the Florida Panhandle later this week.
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