Oil: Geopolitical risk lifts prices – ING
The post Oil: Geopolitical risk lifts prices – ING appeared on BitcoinEthereumNews.com. ING analysts Warren Patterson and Ewa Manthey note that Brent has jumped above $76/bbl as renewed tensions in the Persian Gulf and US strikes on Iran revive supply concerns. The United States (US) has revoked a temporary licence for Iranian oil sales, while tight US inventories and damage to Russian refineries are supporting product cracks and middle‑distillate markets. Brent rallies on renewed Gulf tensions “Oil prices spiked following Iranian attacks on three ships in the Strait of Hormuz, including an LNG carrier and an oil tanker. ICE Brent settled a little more than 3% higher yesterday, and in early trading this morning it’s up another 2.8%, leaving it trading above $76/bbl. The curve structure also strengthened, with the front end returning to backwardation after recently flipping into contango amid the ramp-up of Persian Gulf supply.” “In addition to military strikes, the US revoked a tempora