Brent Oil Prices Surge Past $90 Amid US-Iran Tensions, Set for Biggest Monthly Rise Since March
Brent crude oil prices rose above $90 per barrel for the first time since June amid US-Iran tensions, marking the largest monthly increase since March and signaling tightening supply ahead of September.
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- Brent crude oil prices surpassed $90 per barrel for the first time since June 11.
- The price jump is the biggest monthly increase since March, linked to US-Iran tensions.
- Analysts warn oil inventories are depleting rapidly, tightening supply.
- David Roche forecasts Brent prices could reach $95 to $105 per barrel by September.
- Tel Aviv stock market opened slightly up but quickly fell about 0.4%.
- Geopolitical risks are driving volatility in global oil and equity markets.
Oil prices surged sharply at the start of the trading week due to escalating tensions between the United States and Iran. The price of Brent crude oil, designated for September delivery, jumped over 2.5% to exceed $90 per barrel for the first time since June 11. Financial markets are interpreting this as a sign of tightening supply, with inventories rapidly depleting.
According to the Financial Times, this price increase is on track to be the largest monthly gain since the peak of the conflict in March. David Roche from the consultancy Quantum Strategy highlighted in a recent report that the current rate of inventory drawdown could lead to significantly reduced stock levels by September. Roche projects Brent crude prices could climb further to a range of $95 to $105 per barrel.
Meanwhile, the Tel Aviv stock exchange opened with slight gains but quickly shifted to losses, with leading indices falling approximately 0.4% at the time of reporting. The oil price surge reflects broader geopolitical concerns impacting global energy markets.
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