Ice Brent futures rose further in early Asian trading given that the market remained cautious because of rising concerns about transit safety through the strait of Hormuz, despite US president Donald Trump's statement that a deal to reopen the strait is imminent.
The Ice front-month October Brent contract was at $83.45/bl at 04:00 GMT, higher by 96¢/bl from its settlement on 6 August, when it ended $3.04/bl higher.
The Nymex front-month September crude contract was at $78.04/bl, up by 75¢/bl from its settlement on 6 August, when it ended $2.07/bl higher.
"I am involved in the negotiations," Trump told reporters at the White House, adding that "we're doing fine" and that a deal could be concluded "very soon".
The US naval blockade remains in place, and the strait of Hormuz is "sort of open right now", Trump said on Thursday. But he acknowledged that threats posed by Iran are deterring many shippers from using the Mideast Gulf waterway.
Vessel traffic through the strait of Hormuz on Wednesday remained confined mostly to the Iranian-favored northern traffic lane, with maritime security firm Windward recording nine inbound transits and 11 outbound transits, with two transits in both directions taking place on the US-supported southern traffic lane along the coast of Oman.
Iran continues to exert pressure on commercial shipping through the strait by attacking intermittently and by issuing warnings to vessels. A tanker transiting north towards the strait of Hormuz on Wednesday reported two loud explosions in its vicinity, leading it to alter its course and abort transit, according to the UK Trade Maritime Operations (UKTMO).
Increased drilling activity in the US and Canada and oil country tubular goods (OCTG) consumption led Tenaris to increase domestic production, with chief executive Gabriel Podskubka saying that the company's Bay City, Texas, seamless mill is running at record production levels.
Ice Brent futures rose further in early Asian trading given that the market remained cautious because of rising concerns about transit safety through the strait of Hormuz, despite US president Donald Trump's statement that a deal to reopen the strait is imminent.
The Ice front-month October Brent contract was at $83.45/bl at 04:00 GMT, higher by 96¢/bl from its settlement on 6 August, when it ended $3.04/bl higher.
The Nymex front-month September crude contract was at $78.04/bl, up by 75¢/bl from its settlement on 6 August, when it ended $2.07/bl higher.
Trump again said on 6 August that a deal to reopen the strait of Hormuz to navigation is imminent, despite Tehran appearing to be insisting on major concessions from Washington.
"I am involved in the negotiations," Trump told reporters at the White House, adding that "we're doing fine" and that a deal could be concluded "very soon".
The US naval blockade remains in place, and the strait of Hormuz is "sort of open right now", Trump said on Thursday. But he acknowledged that threats posed by Iran are deterring many shippers from using the Mideast Gulf waterway.
Vessel traffic through the strait of Hormuz on Wednesday remained confined mostly to the Iranian-favored northern traffic lane, with maritime security firm Windward recording nine inbound transits and 11 outbound transits, with two transits in both directions taking place on the US-supported southern traffic lane along the coast of Oman.
Iran continues to exert pressure on commercial shipping through the strait by attacking intermittently and by issuing warnings to vessels. A tanker transiting north towards the strait of Hormuz on Wednesday reported two loud explosions in its vicinity, leading it to alter its course and abort transit, according to the UK Trade Maritime Operations (UKTMO).
Meanwhile, global tubular producer Tenaris expects US and Canadian oil and gas drilling activity to grow in the second half of the year.
Increased drilling activity in the US and Canada and oil country tubular goods (OCTG) consumption led Tenaris to increase domestic production, with chief executive Gabriel Podskubka saying that the company's Bay City, Texas, seamless mill is running at record production levels.
By Rhalain Reyes