Oil prices rise more than 1.5% as Iranian attacks on commercial vessels near the Strait of Hormuz highlight persistent security risks despite diplomatic efforts. In early European trade, Brent crude rises 1.6% to $73.10 a barrel, while WTI futures are up 1.5% to $69.60 a barrel after settling at prewar levels in the previous session. Still, analysts say the upside is likely to remain limited. "Saudi Arabia has cut its August official selling prices, OPEC+ continues to unwind production cuts, Gulf exports are recovering, and the physical market remains well supplied," says Soojin Kim from MUFG. (giulia.petroni@wsj.com)
Dow Jones Newswires
Oil Up 1.5% After Ship Attacks Near Hormuz — Market Talk
- Sources
- Dow Jones Newswires
- Markets
- Futures
- Active symbols
- MCX:CRUDEOIL1!, NYMEX:CL1!, TVC:USOIL
- Language
- English
Oil prices rise more than 1.5% as Iranian attacks on commercial vessels near the Strait of Hormuz highlight persistent security risks despite diplomatic efforts. In early European trade, Brent crude rises 1.6% to $73.10 a barrel, while WTI futures are up 1.5% to $69.60 a barrel after settling at pr…