Oil Prices Surge as Middle East Tensions Persist, Clouding Supply Outlook

Deep News03:40

Oil prices climbed as signs emerged that the Middle East conflict remains far from resolution, dampening hopes that crude flows through the Strait of Hormuz would quickly return to pre-conflict levels.

Brent crude rose to nearly $91 a barrel, marking a 6% gain for the week. US Energy Secretary Chris Wright said in a Fox News interview that Washington is pursuing a long-term strategy regarding Iran, suggesting the administration currently has no intention of pushing for de-escalation. Fox News earlier reported that President Trump threatened to bomb Oman if it interfered with US actions.

Although negotiations between Iran and the United States appear stalled, there are indications that Middle Eastern producers are still shipping significant volumes of crude out of the Gulf through unconventional methods such as "dark fleet" transfers, which is helping to temper the price rally. This week, US officials continued to strike a more hawkish tone, following Treasury Secretary Scott Bessent's earlier statement that Washington could soon unveil new economic restrictions.

"More oil transiting through the Strait of Hormuz, combined with the US shift toward economic sanctions rather than military pressure, is reducing the geopolitical risk premium and limiting the upside for prices," said Arne Lohmann Rasmussen, chief analyst at Global Risk Management.

Brent for October delivery settled 2.7% higher at $90.87 a barrel, while West Texas Intermediate for September delivery rose 2.6% to settle at $84.50 a barrel.

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US Energy Secretary Chris Wright said in a Fox News interview that Washington is pursuing a long-term strategy regarding Iran, suggesting the administration currently has no intention of pushing for de-escalation. Fox News earlier reported that President Trump threatened to bomb Oman if it interfered with US actions.Although negotiations between Iran and the United States appear stalled, there are indications that Middle Eastern producers are still shipping significant volumes of crude out of the Gulf through unconventional methods such as \"dark fleet\" transfers, which is helping to temper the price rally. 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