Hormuz disruptions lift oil prices
Tanker attacks offset rising OPEC+ output and weekly price decline National News Pakistan correspondents report that relevant administrative authorities and departmental desks are actively reviewing on-ground developments regarding this breaking development across Pakistan.
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Verified facts & intelligence briefed by National News Press Bureau.
Hormuz disruptions lift oil prices — reported as a key national national development in Pakistan.
Tanker attacks offset rising OPEC+ output and weekly price decline National News Pakistan correspondents report that relevant administrative authorities and dep...
Official statements and regulatory updates are actively monitored by the NNP Central Wire.
INTERNATIONAL BUREAU —Oil prices rose on Thursday by more than $1 a barrel, as continued disruptions to shipping through the Strait of Hormuz and broader geopolitical tensions offset pressure from rising crude output that had sent prices lower in early trade. Brent futures were up $1.2 or 1.3% a barrel at $93.96 at 1508 GMT.
US WTI crude was up 53 cents or 0.6% at $87.06. Both benchmarks were still headed for a weekly decline. Prices fell early and had been trading steady to lower before President Donald Trump wrote on social media that the US did not need a deal with Iran. "Those days have long since passed. We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!" he wrote.
In the strait, tankers are still ablaze, oil spills are washing ashore, and drones and missiles have hit infrastructure across the region. On Thursday, Iran's military said four oil tankers were hit by explosions in the Strait of Hormuz after ignoring warnings. Elsewhere, Ukraine continued attacks on Russian energy infrastructure, saying it targeted the port area of Ust-Luga by the Baltic Sea in Russia's northwest with drone attacks.
Key Takeaways & Executive Analysis
- Oil prices rose on Thursday by more than $1 a barrel, as continued disruptions to shipping through the Strait of Hormuz and broader geopolitical tensions offset pressure from rising crude output that had sent prices lower in early trade.
- Brent futures were up $1.2 or 1.3% a barrel at $93.96 at 1508 GMT.
- US WTI crude was up 53 cents or 0.6% at $87.06.
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