Crude Futures Trade Lower After Weekend of Geopolitical Turmoil

by Ship & Bunker News Team
Monday April 15, 2024

Crude futures were trading lower than Friday's close early on Monday morning, despite a weekend of turmoil in the Middle East.

The ICE June Brent contract traded at $90.22/bl as of 5:56 AM in London on Monday, down from $90.45/bl at Friday's close.

At the start of the weekend there had been widespread concerns over an impending attack on Israel by Iran.

Iranian forces seized the boxship MSC Aries near the Strait of Hormuz early on Saturday morning, citing an ownership link to Israel.

Iran went on to fire more than 300 drones and missiles towards Israel on Saturday night, of which Israel said 99% were intercepted. One injury from shrapnel was reported, as well as damage to an airbase.

The Brent crude price remains near its recent high of $91.17/bl on April 5, which had been its highest closing level since June 2022.