Oil rises amid supply concerns

Oil drilling rigs

Oil prices rose today, Aug. 12, amid growing doubts regarding the peace agreement between the US and Iran, and escalating concerns about supply disruptions.

 

Iran’s top security official, Mohsen Rezaei, said the Strait of Hormuz would remain closed unless the US accepts Iran’s conditions for ending the war, including the release of frozen Iranian assets and an end to other conflicts in the region.

 

As for long-term supplies, the US Energy Information Administration predicted that crude oil supplies in the Middle East would continue to be affected by about 600,000 barrels per day until the end of 2027.

 

Data from the American Petroleum Institute showed a rise in US crude inventories, and markets await official data from the Energy Information Administration later today, amid expectations of a drop in inventories of about 1.7 million barrels .

 

Brent, WTI Futures Prices

Crude

Price ($/bbl)

Change ($)

 

Change

Brent (October delivery)

89.47

0.56

0.65%

WTI (September delivery)

83.79

0.59

0.70%

*At 08:03 am Makkah time

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Commodity Price

 
Brent Crude Oil
102.81
2.52 2.49%
Nymex
90.19
1.82 2.04%

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