Oil extended gains as fresh Middle East attacks and a U.S. plan to insure and escort tankers through the Strait of Hormuz raised supply-risk concerns. Traffic in the vital waterway is described as all but halted, a potentially significant disruption for global crude flows and shipping. The setup is supportive for oil prices and energy-related volatility in the near term.
Oil extended gains as fresh Middle East attacks and a U.S. plan to insure and escort tankers through the Strait of Hormuz raised supply-risk concerns. Traffic in the vital waterway is described as all but halted, a potentially significant disruption for global crude flows and shipping. The setup is supportive for oil prices and energy-related volatility in the near term.
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mildly positive
Sentiment Score
0.22
