Ice Brent crude futures rose in early Asian trading following expectations of continued supply disruptions in the Middle East after an exchange of attacks between the US and Iran.
The Ice front-month August Brent contract was at $94.68/bl at 04:00 GMT, up by $1.58/bl from its settlement on 10 June when it ended $1.65/bl higher.
The Nymex front-month July crude contract was at $91.82/bl, up by $1.79/bl from its settlement on 10 June when it ended $1.83/bl higher.
Iran has launched retaliatory strikes in response to the US' latest round of attacks on Iranian targets on 10 June.
The US has completed additional "self-defence" strikes against multiple targets across Iran on 10 June, the US Central Command (Centcom) said late on Wednesday. The US launched the attacks at 5:15pm ET (21:15 GMT) earlier on the same day.
The attacks targeted some Islamic Revolutionary Guard Corps (IRGC) service units and coastal outposts, the police command and the area surrounding Bandar Abbas airport, according to Iranian news agency Tasnim, which is affiliated with the IRGC. In response, the IRGC has "struck and destroyed 18 important targets" belonging to the US military at the Ali Al-Salem, Ahmad Al-Jaber and Sheikh Isa airbases.
The flare up in the US-Iran conflict follows claims by Washington and Tehran that they are enabling the transit of tankers and other vessels through the strait of Hormuz, on their own terms.
Meanwhile, Kuwait's state-owned KPC is exploring potential tie-ups with fellow Gulf Co-operation Council (GCC) countries Saudi Arabia and the UAE that could help move its crude and oil products in the event of any future disruptions to flows through the strait of Hormuz.
Elsewhere, US crude inventories fell last week by 7.2mn bl even as exports retreated from near historic highs, the Energy Information Administration (EIA) reported on 10 June.
Crude stocks in the week ended 5 June fell to 426.5mn bl, down from 433.7mn bl a week earlier. Stocks were lower by 5.9mn bl compared with the same week last year.
Inventories have now dropped in seven straight weeks, shedding 39mn bl during that stretch.
Ice Brent crude futures rose in early Asian trading following expectations of continued supply disruptions in the Middle East after an exchange of attacks between the US and Iran.
The Ice front-month August Brent contract was at $94.68/bl at 04:00 GMT, up by $1.58/bl from its settlement on 10 June when it ended $1.65/bl higher.
The Nymex front-month July crude contract was at $91.82/bl, up by $1.79/bl from its settlement on 10 June when it ended $1.83/bl higher.
Iran has launched retaliatory strikes in response to the US' latest round of attacks on Iranian targets on 10 June.
The US has completed additional "self-defence" strikes against multiple targets across Iran on 10 June, the US Central Command (Centcom) said late on Wednesday. The US launched the attacks at 5:15pm ET (21:15 GMT) earlier on the same day.
The attacks targeted some Islamic Revolutionary Guard Corps (IRGC) service units and coastal outposts, the police command and the area surrounding Bandar Abbas airport, according to Iranian news agency Tasnim, which is affiliated with the IRGC. In response, the IRGC has "struck and destroyed 18 important targets" belonging to the US military at the Ali Al-Salem, Ahmad Al-Jaber and Sheikh Isa airbases.
The flare up in the US-Iran conflict follows claims by Washington and Tehran that they are enabling the transit of tankers and other vessels through the strait of Hormuz, on their own terms.
Meanwhile, Kuwait's state-owned KPC is exploring potential tie-ups with fellow Gulf Co-operation Council (GCC) countries Saudi Arabia and the UAE that could help move its crude and oil products in the event of any future disruptions to flows through the strait of Hormuz.
Elsewhere, US crude inventories fell last week by 7.2mn bl even as exports retreated from near historic highs, the Energy Information Administration (EIA) reported on 10 June.
Crude stocks in the week ended 5 June fell to 426.5mn bl, down from 433.7mn bl a week earlier. Stocks were lower by 5.9mn bl compared with the same week last year.
Inventories have now dropped in seven straight weeks, shedding 39mn bl during that stretch.
By Rhalain Reyes