التوترات في الشرق الأوسط تدعم أسعار النفط الخام

October WTI crude oil (CLV26) is up +1.26 (+1.38%) today, and October RBOB gasoline (RBV26) is up +0.0878 (+2.73%).

Crude oil and gasoline prices are moving sharply higher today, with crude oil posting a 3-month high. Crude prices are rising today as escalating hostilities in the Middle East are curbing global oil supplies. Also, today's decline in the dollar index to a 2-week low is bullish for energy prices.

More News from Barchart

Crude oil prices jumped today after the US and Iran exchanged strikes in the Strait of Hormuz over the weekend. Also, Saudi Arabia said attacks halted operations at several oil facilities. Saudi Arabia's 400,000 bpd Jazan refinery, which had halted operations in July after an earlier attack, was attacked again today with missiles and drones from Yemen's Houthi rebels. In addition, the rebels launched attacks at Saudi Aramco facilities in Abha and Najran, causing fires and injuring several people.

Crude also found support today after energy trader Vitol Group said that global oil markets are continuing to tighten, with the loss of about 2 million bpd from crude exports in the Middle East, and a further 2 million bpd from Russia as a result of Ukraine's drone attacks. Data compiled by Bloomberg, Kpler and Vortexa showed that Saudi Arabia's Aug crude exports dropped to about 3 million bpd, the lowest amount in 9 years.

President Trump recently said that the US naval blockade on Iranian ports is putting pressure on the country, and he has no timeline for resolving the US-Iran conflict.

Crude prices also have support on concerns that Israel could be dragged back into the US-Iran conflict. Israeli Defense Minister Katz said last Thursday that an Iranian attack on Israel would free Israel from any existing restrictions in a response against the regime in Iran. Israel has ramped up attacks on Iran-backed Hezbollah in Lebanon, dampening the prospects of ending hostilities in the Middle East and a quick reopening of the Strait of Hormuz. In addition, Israel has struck Iran-backed Hamas in Gaza, while the Yemen- based Houthis have attacked ships in the Red Sea.

In a supporting factor, the International Energy Agency (IEA) said in its monthly report, released on August 12, that the global oil supply deficit will worsen, even as oil demand is taking a hit from the war and high prices. The IEA said global oil inventories will fall in Q3 at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.