Lates News

Oil prices rose for a third consecutive trading session, as signs of escalating conflict in the Middle East heightened market concerns that the region's energy supply recovery could be disrupted. According to a U.S. official, the Pentagon may deploy an additional aircraft carrier along with 10,000 sailors and Marines to the Persian Gulf, providing President Trump with more options should he decide to escalate military action against Iran. The latest flare-up in tensions comes just as markets had begun to ease concerns about Middle Eastern energy supplies. Wall Street analysts said earlier this week that crude oil supply in the region was approaching pre-war levels, but refined product supplies had not recovered to the same extent. The latest indications show that the U.S. naval blockade is cutting off Iran's access to energy markets: Iran appeared not to have loaded any crude onto tankers in September. Oil futures swung sharply this week as traders weighed improving Middle Eastern crude supplies against the risk of further conflict escalation. With the U.S.-Iran war entering its eighth month and little progress toward a diplomatic resolution, Brent crude is still up about 70% year to date.