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Hormuz Disruptions Drive Crude Higher as U.S.-Iran Diplomacy Stalls
Oil prices surged over 2% Monday before falling back as stalled U.S.-Iran diplomacy and continuing disruptions in the Strait of Hormuz drove a fresh risk premium into crude markets, with Brent rising to $107.8 per barrel at 6:30 a.m.
Summary
Oil prices surged over 2% Monday before falling back as stalled U.S.-Iran diplomacy and continuing disruptions in the Strait of Hormuz drove a fresh risk premium into crude markets, with Brent rising to $107.8 per barrel at 6:30 a.m. ET, and U.S. WTI reaching $96.40 while equity futures turned lower on fears the energy shock could reignite inflation. Murban crude traded at $104.8 and the OPEC basket rose to $108.3, while gains in gasoline and heating oil showed traders were pricing a broader supply threat tied to Hormuz disruptions.
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