Ice Brent futures rose in early Asian trading hours as the resumption of military hostilities between the US and Iran continued to restrict exports from the Mideast Gulf.
The Ice front-month September Brent contract was at $85.06/bl at 04:00 GMT, higher by 83¢/bl from its settlement on 16 July, when it ended 72¢/bl lower.
The Nymex front-month August crude contract was at $79.84/bl, up by 89¢/bl from its settlement on 16 July, when it ended 65¢/bl lower.
Ships transiting the strait of Hormuz are increasingly using the traffic lane designated by Iran following the resumption of Iranian attacks on commercial shipping and US attacks on Iranian targets around the narrow waterway.
Commercial vessel traffic through the strait remains at a fraction of pre-war levels as a result, with a combined 29 vessels transiting through the waterway on 15 July, around 22pc of pre-war levels, data from vessel-tracking service Windward show.
Iraq's oil ministry has disputed earlier reports that a drone had struck a tanker off Basrah in the south of the country, describing them as "inaccurate". This followed earlier comments from Iraq's ports authority, GCIP, which said a drone had struck a tanker off Basrah.
A source with knowledge of the incident had also told Argus earlier that a vessel off Basrah had been struck, triggering a temporary halt in all oil loading operations at the Basrah Oil Terminal (BOT). But GCIP said "unloading and handling operations within Iraq's ports continue without any interruption".
All of the Japan-bound crude tankers have successfully exited the strait of Hormuz, according to the Petroleum Association of Japan (PAJ). No toll payments for transit through the strait were paid, PAGJ added.
PAJ had indicated in May that there were seven very large crude carriers loaded with 2mn bl of crude each that Japanese refiners had procured inside the strait.
EU diplomats expect the bloc to extend its $44.10/bl price cap on Russian crude until 23 July, allowing more time to agree on a wider 21st sanctions package against Russia.
The existing cap had been due for review on 15 July under the EU's six-month adjustment mechanism. But diplomats said remaining "technical" details have delayed agreement on the full package, including how proposed restrictions would apply to EU-linked shipping of Russian LNG.
Ukraine has carried out drone attacks on two tankers it said had been used to export Russian crude and fuel oil in the Black Sea.
Russia and Ukraine have drastically escalated strikes on port infrastructure and cargo ships in the Black Sea since Ukraine began targeting Russian shadow fleet tankers in the Sea of Azov on 6 July.
Ice Brent futures rose in early Asian trading hours as the resumption of military hostilities between the US and Iran continued to restrict exports from the Mideast Gulf.
The Ice front-month September Brent contract was at $85.06/bl at 04:00 GMT, higher by 83¢/bl from its settlement on 16 July, when it ended 72¢/bl lower.
The Nymex front-month August crude contract was at $79.84/bl, up by 89¢/bl from its settlement on 16 July, when it ended 65¢/bl lower.
Ships transiting the strait of Hormuz are increasingly using the traffic lane designated by Iran following the resumption of Iranian attacks on commercial shipping and US attacks on Iranian targets around the narrow waterway.
Commercial vessel traffic through the strait remains at a fraction of pre-war levels as a result, with a combined 29 vessels transiting through the waterway on 15 July, around 22pc of pre-war levels, data from vessel-tracking service Windward show.
Iraq's oil ministry has disputed earlier reports that a drone had struck a tanker off Basrah in the south of the country, describing them as "inaccurate". This followed earlier comments from Iraq's ports authority, GCIP, which said a drone had struck a tanker off Basrah.
A source with knowledge of the incident had also told Argus earlier that a vessel off Basrah had been struck, triggering a temporary halt in all oil loading operations at the Basrah Oil Terminal (BOT). But GCIP said "unloading and handling operations within Iraq's ports continue without any interruption".
All of the Japan-bound crude tankers have successfully exited the strait of Hormuz, according to the Petroleum Association of Japan (PAJ). No toll payments for transit through the strait were paid, PAGJ added.
PAJ had indicated in May that there were seven very large crude carriers loaded with 2mn bl of crude each that Japanese refiners had procured inside the strait.
EU diplomats expect the bloc to extend its $44.10/bl price cap on Russian crude until 23 July, allowing more time to agree on a wider 21st sanctions package against Russia.
The existing cap had been due for review on 15 July under the EU's six-month adjustment mechanism. But diplomats said remaining "technical" details have delayed agreement on the full package, including how proposed restrictions would apply to EU-linked shipping of Russian LNG.
Ukraine has carried out drone attacks on two tankers it said had been used to export Russian crude and fuel oil in the Black Sea.
Russia and Ukraine have drastically escalated strikes on port infrastructure and cargo ships in the Black Sea since Ukraine began targeting Russian shadow fleet tankers in the Sea of Azov on 6 July.
By YouLiang Chay