World News
Crude Futures Rise After US Carries Out New Strikes on Iran
Crude futures rose by nearly 1% on Wednesday morning after the US confirmed it had struck IRGC targets yesterday following recent Iranian attempts to target ships in the Strait of Hormuz.
The ICE November Brent contract traded at $95.46/bl as of 5:01 AM in London, up 0.9% from Tuesday’s settlement of $94.64/bl.
US forces completed a wave of strikes against Iranian military targets on Tuesday, the US Central Command (CENTCOM) confirmed in a social media post on Wednesday.
“U.S. forces struck Islamic Revolutionary Guard Corps (IRGC) targets including air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites,” it said.
“The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members.”
Two tankers were reportedly hit on Monday off the coast of Oman and in the Indian Ocean, the UK Maritime Trade Operations (UKMTO) said in an advisory yesterday.
Media outlet Axios had reported that the US forces struck two Iranian tankers on Tuesday in the latest US strikes.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 865.50 | 8.50 | 1289.50 | 14.50 |
| Rotterdam | 686.50 | 12.00 | 1390.00 | 40.00 |
| Houston | 740.50 | 7.50 | 1388.00 | 1.50 |
| Fujairah | 963.50 | 12.50 | 1666.50 | 19.50 |
| Global 20 Ports Average | 876.00 | 6.00 | 1520.50 | 13.50 |
| Global 4 Ports Average | 814.00 | 10.00 | 1433.50 | 18.00 |
| Global Average Bunker Price | 935.00 | 3.00 | 1594.00 | 14.00 |
Poll
Earlier this year there were concerns over a bunker supply squeeze as a result of Hormuz disruption. With no off-ramp in sight and conflict spreading across the Middle East, should buyers and suppliers be worried again?
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