Oil prices continued to rise as fears escalated of a long-term disruption to Middle East supplies due to mutual attacks between the United States and Iran on ships in the Strait of Hormuz.
AI-generated summary
The escalation of mutual attacks between the United States and Iran on ships in the Strait of Hormuz and other areas.
Oil prices continued to rise today with mounting fears of a long-term disruption to Middle East supplies due to mutual attacks between the United States and Iran on ships in the Strait of Hormuz and other areas.
By 09:41 Moscow time, US West Texas Intermediate crude futures for next October rose by 1.25% to $92.62 per barrel.
While global Brent crude futures contracts for next November rose by 1.26% to $97.49 per barrel, according to what trading showed.
Yesterday, Goldman Sachs warned that oil could jump to $120 a barrel if attacks on ships in the Middle East escalate, suggesting gains for natural gas and diesel.
Goldman Sachs: Oil may jump to $120 if attacks on ships in the Middle East escalate
Goldman Sachs warned that oil could jump to $120 a barrel if attacks on ships escalate in the Middle East, suggesting gains for natural gas and diesel.
Severe shortages loom at ship fuel and power plants
Fuel oil markets face the risk of shortages during the third quarter, after war unrest prompted refineries to favor the production of diesel, gasoline and jet fuel.
The bill of chaos in Hormuz... Will Tehran succeed in burdening Washington with the cost of paralyzing commercial navigation in the Gulf?
The geopolitical and security confrontation in the Gulf waters is moving towards more complex horizons, as decision makers in Washington and Tehran exchange direct accusations about responsibility for undermining the security of the waterways.
AI outlook — possibilities, not facts
Oil prices jumped to $120 per barrel as the attacks escalated
Possible · Within weeks

A shortage of fuel oil used in ships and power plants looms during the third quarter, with refineries under pressure due to wars and conflicts that have disrupted refining operations and tanker movements, prompting them to give priority to diesel and gasoline.
Dan Struyven of Goldman Sachs warned of the risks of shipping disruptions to oil prices, expecting them to fall to $80 per barrel once exports return, while concerns about Middle East supplies persist.

A fuel shortage for ships and power plants looms during the third quarter, with refineries under increasing pressure due to wars and conflicts that have disrupted crude refining and tanker traffic, pushing prices sharply higher.

Fuel oil markets face increasing shortages in the third quarter due to supply disruptions from wars in the Middle East, which raises shipping costs and threatens to extend the crisis into 2027, with refineries preferring to produce diesel and gasoline at the expense of fuel oil, and prices in Singapore rising by 76% since the outbreak of the war with Iran.

The market for fuel oil used in ships and power plants is expected to witness a deficit of 218 thousand barrels per day during the third quarter due to the disruption of oil refineries in Russia and the Middle East and the preference of refineries to produce diesel and gasoline at the expense of fuel oil, which threatens to increase shipping costs and its impact on Asia in particular.
Energy Aspects expected the global deficit in fuel oil supplies to reach 218 thousand barrels per day during the third quarter, the first deficit since the third quarter of 2025, while Rystad Energy warned of continued scarcity due to disturbances in the Middle East. Asia is most affected due to its dependence on Gulf supplies, as Singapore imports more than half of its needs, which approach one million barrels per day. Fuel oil inventories in major centers are down about 30% below the three-year seasonal average, and the price of low-sulfur fuel oil in Singapore has risen 76% since the outbreak of the Iran war to reach $825 per ton on September 1, exceeding the 40% rise in Brent crude during the same period. Fuel oil exports from Russia fell to a record level of 591,000 barrels per day in August after Ukrainian attacks on its refineries, and Middle East exports fell 45% year-on-year to an average of 447,000 barrels per day between March and August, according to Kpler data. Since March, the Kuwaiti Al-Zour refinery has only exported one shipment, equivalent to 26,000 barrels per day, compared to 191,000 in January and February.