.jpg)
1 hour ago
4
Article content
(Bloomberg) — Oil extended a powerful surge as the US struck targets in Iran for a second day, raising risks for energy supplies from the region.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
West Texas Intermediate rose as much as 2.2% to top $75 a barrel, while Brent closed near $78. US forces started additional strikes to degrade Iran’s ability to threaten freedom of navigation in the Strait of Hormuz, Central Command said. Tehran threatened a large-scale retaliatory operation against US bases.
Article content
Article content
On Wednesday, US President Donald Trump said the interim peace agreement with Iran was over, while raising the possibility of reimposing a blockade on the Islamic Republic’s ports. He also warned crude prices could rise further, and strikes may include a “take over” of Iran’s export hub of Kharg Island.
Article content
Article content
The global energy market has been jolted this week by the resurgence in fighting in the Middle East, with futures partially retracing some of the losses seen in the second quarter. The status of Hormuz — which connects Persian Gulf producers to global markets – lies at the center of the tensions, with the US launching attacks after a spate of strikes against commercial vessels.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“If we’re going back to a closed Strait of Hormuz, we’re probably going up another $10,” said Scott Shelton, an analyst at TP ICAP. “If oil continues to flow, prob won’t go up much more than this. It’s really anyone’s guess.”
Article content
Before the US attacks, the Treasury also revoked a sanctions waiver that had allowed Tehran to sell oil, reversing course on a key part of the interim deal. The agreement to lift sanctions saw millions of barrels of the country’s crude flood out of the gulf in recent weeks, much of which is now in limbo.
Article content
“The events over the past 48 hours have raised concerns that any collapse of the interim peace deal between the US and Iran will lead to renewed disruptions to oil supplies,” ANZ Group Holdings Ltd. analysts including Daniel Hynes said in a note. “Prior to the attack on three ships earlier this week, transits of the key waterway had been rising. The recovery of supply is now at risk of being stopped in its tracks as Iran looks to reassert its control”
Article content
Advertisement 1
English (US)