World News
Crude Futures Spike as US Discusses Potential Israeli Strike on Iranian Oil
Thursday October 3, 2024
Crude futures jumped on Thursday afternoon after US President Joe Biden said his country was discussing the possibility of Israel striking Iranian oil facilities in response to attacks earlier this week.
ICE December Brent futures traded at $76.54/bl as of 3:27 PM in London, up from $73.90/bl at the previous day's close.
President Biden has said the US is discussing Israel striking Iranian oil facilities, news agency Bloomberg reported. The comments follow missile attacks on Israel by Iran earlier in the week.
Iran is a significant producer of HSFO, with much of this product being exported to Asian markets, and an attack on its facilities would be likely to cause large jumps in bunker prices.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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