Oil prices steady as Hormuz talks face hurdles
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Oil prices were largely unchanged Monday as traders assessed possible progress toward reopening the Strait of Hormuz while monitoring continued Middle East tensions.
Oil prices were largely unchanged Monday as traders assessed possible progress toward reopening the Strait of Hormuz while monitoring continued Middle East tensions.
Oil prices rose more than 3% on Wednesday after U.S. strikes on Iran following attacks on three ships in the Strait of Hormuz increased concerns about the stability of energy supplies.
Energy markets have been rocked by a fresh round of volatility this month, as investors navigated a short-lived pause in hostilities between Iran and the US, followed by renewed fighting. The conflict is spreading beyond the Strait of Hormuz, with Houthi rebels in Yemen threatening a blockade of Saudi Arabia in the Red Sea, while Riyadh's forces joined with the US to hit targets in Iraq that are linked to Tehran-backed militants. Paul Sankey, founder at Sankey Research, discusses the Houthi and Saudi escalation and how it's affecting energy.
Paul Sankey, president of Sankey Research, explains the level of tightness in the crude oil refining system, the "massive" margins between the price of barrels of oil and refined products like gasoline and jet fuel, and why he expects the US strategic petroleum reserve to run out around September.
West Texas Intermediate prices dropped after the United States paused military action against Iran.
