Global oil prices rose on Wednesday, with Brent crude climbing to $106.37 per barrel and West Texas Intermediate (WTI) reaching $94.72.
Iranian officials told Reuters that the country’s forces planned to expand strikes in Hormuz using new tactics.
Earlier, Israeli media reported that Netanyahu had pressed Trump last week to restart attacks before the US midterm elections in November. Trump had reportedly told Netanyahu to prepare but made no firm commitment to resume hostilities.
Iran has warned the United States that it is prepared to respond preemptively to any perceived threat of renewed strikes against its territory.
Phillip Nova analyst Priyanka Sachdeva said Iran’s latest statements suggested it could use its strategic position in the Strait of Hormuz to keep oil prices elevated and exert pressure on the global economy.
Meanwhile, ING commodity analysts viewed Saudi Arabia’s plan to expand the capacity of its East-West pipeline as a factor that could put downward pressure on prices. The expansion could add 1.2 million barrels per day of capacity within months.
Uncertainty remains over how much additional oil could reach global markets, given the risks facing tanker shipments.
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