Brent Crude Eyes $90 as Strait of Hormuz Risks Rise, Commerzbank Says
Fading hopes for a U.S.-Iran deal and drone attacks on refineries push Brent toward $90 and gas oil near $1,350 per ton, Commerzbank warns.
Commerzbank’s energy analysts have flagged a growing risk premium tied to the Strait of Hormuz, as expectations for a U.S.-Iran agreement to ease tensions fade. Brent crude is now gravitating toward USD 90 per barrel, while gas oil prices have surged to nearly USD 1,350 per metric ton.
Adding to the supply anxiety, drone strikes have hit refinery infrastructure across key producing regions including Saudi Arabia, Russia, and Libya. An already-tight diesel market compounds the pressure on refined products.
The bank’s note highlights multiple concurrent disruptions that could keep energy markets on edge in the near term.
Source: FXStreet Forex News