Stories
Brent Holds Near $105 as Oil Heads for Weekly Gain on West Asia Risks
- •Brent crude hovered near $106 a barrel, heading for its second consecutive weekly gain amid fresh supply threats in West Asia.
- •Traders remain concerned over the Arabian Gulf after an Iranian projectile struck and sank a container ship in the Strait of Hormuz.
- •The Trump administration announced fresh Iran-related sanctions targeting 16 individuals and 10 entities.
- •US crude inventories dropped by 8.6 million barrels last week, marking the steepest fall since February.
- •IEA members agreed to accelerate the release of the remaining 100 million barrels from a March intervention to cool fuel prices.
Key Questions Answered
Brent crude prices hovered near $106 a barrel, heading for a second consecutive weekly gain due to fresh supply threats in West Asia. Concerns deepened after an Iranian projectile struck a container ship in the Strait of Hormuz, while US crude inventories dropped by 8.6 million barrels and shipping costs fell.
The Trump administration announced fresh Iran-related sanctions targeting 16 individuals and 10 entities, according to a notice published on the US Department of the Treasury's website.
International Energy Agency members agreed to accelerate the release of the remaining 100 million barrels from a March intervention, including 20 million barrels of diesel, to cool fuel prices. Meanwhile, the US Energy Department stated that additional steps focusing on diesel are under review and in progress.
