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Asia midday crude futures: Ice Brent stays at $100/bl
Ice Brent futures were largely steady in early Asian trading hours as the market weighed the crude supply outlook on the back of continued escalation of Middle East conflict.
The Ice front-month September Brent contract was at $100.63/bl at 04:00 GMT, lower by 6¢/bl from its settlement on 23 July, when it ended $6.62/bl higher.
The Nymex front-month September crude contract was at $91.91/bl, down by 28¢/bl from its settlement on 23 July, when it ended $5.36/bl higher.
US president Donald Trump is again escalating his military threats against Iran, this time after Yemen's Houthi militants said they were following through on their vow to target Saudi shipping in the Red Sea.
"The US will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran," Trump said in a social media post on 23 July. He threatened "major military punishment" against Iran and the Houthis.
Trump separately said he would use the Iranian frozen assets under US control to compensate shipowners for damages sustained from Iranian attacks. The US-Iran interim deal signed last month required the US to turn over to Tehran its frozen funds in foreign banks, estimated to total at least $24bn. But the US did not implement that aspect of the deal.
Front-month Ice Brent crude futures rose above $100/bl on 23 July for the first time since 26 May. The initial peace agreement between the US and Iran appears to be on its last legs, with Tehran's forces now regularly attacking shipping in the strait of Hormuz and regional neighbours, and the US military conducting nightly air raids on Iran.
New attacks on Saudi oil tankers in the Red Sea by Yemen-based Houthi militants have exacerbated concerns about oil supply availability.
Mideast Gulf crude prices surged to multi-month highs in the latest trading session, as supply disruptions tightened availability.
Meanwhile, Trump's administration will impose new import taxes of 10pc-12.5pc on imports from 60 of its largest trading partners beginning on 24 July, as part of a plan to replace the tariffs struck down by the US Supreme Court in February.
The proposed new tariff rates will not apply to energy, critical minerals and most agricultural products, including beef. They also will not be added on top of tariffs on imported steel, aluminum, cars and auto parts.
Elsewhere, the war between Russia and Ukraine has also moved onto water, with Kyiv carrying out a series of attacks on Russian shipping in the Black Sea to add to its campaign against refineries.
Ice Brent futures were largely steady in early Asian trading hours as the market weighed the crude supply outlook on the back of continued escalation of Middle East conflict.
The Ice front-month September Brent contract was at $100.63/bl at 04:00 GMT, lower by 6¢/bl from its settlement on 23 July, when it ended $6.62/bl higher.
The Nymex front-month September crude contract was at $91.91/bl, down by 28¢/bl from its settlement on 23 July, when it ended $5.36/bl higher.
US president Donald Trump is again escalating his military threats against Iran, this time after Yemen's Houthi militants said they were following through on their vow to target Saudi shipping in the Red Sea.
"The US will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran," Trump said in a social media post on 23 July. He threatened "major military punishment" against Iran and the Houthis.
Trump separately said he would use the Iranian frozen assets under US control to compensate shipowners for damages sustained from Iranian attacks. The US-Iran interim deal signed last month required the US to turn over to Tehran its frozen funds in foreign banks, estimated to total at least $24bn. But the US did not implement that aspect of the deal.
Front-month Ice Brent crude futures rose above $100/bl on 23 July for the first time since 26 May. The initial peace agreement between the US and Iran appears to be on its last legs, with Tehran's forces now regularly attacking shipping in the strait of Hormuz and regional neighbours, and the US military conducting nightly air raids on Iran.
New attacks on Saudi oil tankers in the Red Sea by Yemen-based Houthi militants have exacerbated concerns about oil supply availability.
Mideast Gulf crude prices surged to multi-month highs in the latest trading session, as supply disruptions tightened availability.
Meanwhile, Trump's administration will impose new import taxes of 10pc-12.5pc on imports from 60 of its largest trading partners beginning on 24 July, as part of a plan to replace the tariffs struck down by the US Supreme Court in February.
The proposed new tariff rates will not apply to energy, critical minerals and most agricultural products, including beef. They also will not be added on top of tariffs on imported steel, aluminum, cars and auto parts.
Elsewhere, the war between Russia and Ukraine has also moved onto water, with Kyiv carrying out a series of attacks on Russian shipping in the Black Sea to add to its campaign against refineries.
Two more tankers were targeted in overnight drone attacks on 23 July while waiting to load crude at the CPC terminal in the Black Sea, market sources said.
By Rhalain Reyes