Ice Brent crude futures rose in early Asian trading after tanker attacks in the Gulf extended hostilities beyond the strait of Hormuz, raising concerns about supply disruptions.
The Ice front-month December Brent contract was at $102.36/bl at 04:00 GMT, up by $2.16/bl from its settlement on 7 October when it ended 38¢/bl lower.
The Nymex front-month November crude contract was at $89.86/bl, higher by $1.58/bl from its settlement on 7 October when it ended $1.16/bl lower.
An unnamed tanker was hit by multiple projectiles off the Qatar coast in the Mideast Gulf on 7 October in an incident in which "casualties have been reported", the UK Maritime Trade Operations said.
The incident took place at 19:00 GMT, 51 nautical miles north of Madinat ash Shamal, Qatar, a city about 100km north of the capital Doha and 54km from Ras Laffan.
"For the first time since 9 September, Iran has struck a ship in the Gulf, away from the strait of Hormuz," former head of intelligence at EOS Risk Group Martin Kelly said in a social media post.
An oil tanker was hit by an unknown projectile off the coast of Oman while transiting the strait of Hormuz on 6 October, according to the Indian ministry of external affairs.
Iran's Persian Gulf Strait Authority (PGSA) has added 19 vessels to its list of non-compliant ships so far in October, bringing the total to 100. The PGSA, Iran's maritime body governing navigation through the strait of Hormuz, has threatened listed vessels with fines, detention, seizure or confiscation during future transits. It has also advised cargo owners to check the list before fixing vessels for voyages to or from the Mideast Gulf.
Elsewhere, producers in the Gulf of Mexico have started to evacuate workers and halt output ahead of tropical storm Isaias, which is forecast to strengthen into a hurricane on 8 October.
US commercial crude inventories fell by 3.2mn bl last week on higher refinery demand and lower net imports, the Energy Information Administration (EIA) reported.
Meanwhile, Switzerland-based bank UBS has raised its Ice Brent crude price forecast for the end of the fourth quarter by $5/bl to $100/bl even though the G7 countries have announced a 100mn bl emergency stock release, because oil inventories continue to decline and attacks worsen in the strait of Hormuz.
Ice Brent crude futures rose in early Asian trading after tanker attacks in the Gulf extended hostilities beyond the strait of Hormuz, raising concerns about supply disruptions.
The Ice front-month December Brent contract was at $102.36/bl at 04:00 GMT, up by $2.16/bl from its settlement on 7 October when it ended 38¢/bl lower.
The Nymex front-month November crude contract was at $89.86/bl, higher by $1.58/bl from its settlement on 7 October when it ended $1.16/bl lower.
An unnamed tanker was hit by multiple projectiles off the Qatar coast in the Mideast Gulf on 7 October in an incident in which "casualties have been reported", the UK Maritime Trade Operations said.
The incident took place at 19:00 GMT, 51 nautical miles north of Madinat ash Shamal, Qatar, a city about 100km north of the capital Doha and 54km from Ras Laffan.
"For the first time since 9 September, Iran has struck a ship in the Gulf, away from the strait of Hormuz," former head of intelligence at EOS Risk Group Martin Kelly said in a social media post.
An oil tanker was hit by an unknown projectile off the coast of Oman while transiting the strait of Hormuz on 6 October, according to the Indian ministry of external affairs.
Iran's Persian Gulf Strait Authority (PGSA) has added 19 vessels to its list of non-compliant ships so far in October, bringing the total to 100. The PGSA, Iran's maritime body governing navigation through the strait of Hormuz, has threatened listed vessels with fines, detention, seizure or confiscation during future transits. It has also advised cargo owners to check the list before fixing vessels for voyages to or from the Mideast Gulf.
Elsewhere, producers in the Gulf of Mexico have started to evacuate workers and halt output ahead of tropical storm Isaias, which is forecast to strengthen into a hurricane on 8 October.
US commercial crude inventories fell by 3.2mn bl last week on higher refinery demand and lower net imports, the Energy Information Administration (EIA) reported.
Meanwhile, Switzerland-based bank UBS has raised its Ice Brent crude price forecast for the end of the fourth quarter by $5/bl to $100/bl even though the G7 countries have announced a 100mn bl emergency stock release, because oil inventories continue to decline and attacks worsen in the strait of Hormuz.
The IEA confirmed on 7 October that around 100mn bl of oil remains to be released from the emergency stocks pledged by its members in March, matching the volume announced by G7 leaders last week. But there is still no breakdown of which countries will supply the stocks or how much diesel will be released.
By Rhalain Reyes