Ice Brent crude futures rose in early Asian trading following Iran's renewed threats against Mideast Gulf energy supplies and infrastructure.
The Ice front-month November Brent contract was at $103.43/bl at 04:00 GMT, up by 84¢/bl from its settlement on 29 September when it ended $2.69/bl lower.
The Nymex front-month November crude contract was at $89.79/bl, higher by 41¢/bl from its settlement on 29 September when it ended $3.22/bl lower.
Iran's parliamentary speaker Mohammad Bagher Ghalibaf on 29 September renewed threats against Mideast Gulf energy supplies and infrastructure, warning they could become targets if the US does not end its naval blockade of Iran.
This is the latest in a series of verbal threats of violence from Tehran and Washington that come even as they renew indirect talks about the Iranian nuclear programme, and more broadly, a pathway to end their seven-month war.
Elsewhere, UK liquids production was at a 50-year low in August, falling by 20pc from July, preliminary government data show. Exports of all of the country's main crude grades declined.
Meanwhile, oil prices fell in the previous session as Middle East supply concerns eased. Saudi Arabia appears to be restarting crude exports from the Red Sea port of Yanbu, shipbrokers said, after a gap of nearly three weeks caused by war damage to the country's East-West pipeline.
South Korea's SK Energy has made a provisional agreement for the very large crude carrier (VLCC) DHT Gazelle to load from Yanbu, brokers said. The terms of the deal have it moving its cargo to Ulsan, via the Suez Canal and Cape of Good Hope, at a cost of $55mn. The route is probably to avoid any attacks by the Yemen-based Houthi militant group at the mouth of the Red Sea.
In the US, the Department of Energy (DOE) is offering to loan out another 40mn of crude from the US Strategic Petroleum Reserve (SPR) as part of an emergency drawdown that US president Donald Trump authorised in March.
On Tuesday, DOE published a request for proposals offering to loan up to 40mn bl of sour crude from the SPR's Bryan Mound and Big Bill storage sites in Texas, with delivery scheduled for November and December. The potential additional release from the SPR comes as the Trump administration looks for ways to bring down oil prices ahead of the midterm elections on 3 November.
Ice Brent crude futures rose in early Asian trading following Iran's renewed threats against Mideast Gulf energy supplies and infrastructure.
The Ice front-month November Brent contract was at $103.43/bl at 04:00 GMT, up by 84¢/bl from its settlement on 29 September when it ended $2.69/bl lower.
The Nymex front-month November crude contract was at $89.79/bl, higher by 41¢/bl from its settlement on 29 September when it ended $3.22/bl lower.
Iran's parliamentary speaker Mohammad Bagher Ghalibaf on 29 September renewed threats against Mideast Gulf energy supplies and infrastructure, warning they could become targets if the US does not end its naval blockade of Iran.
This is the latest in a series of verbal threats of violence from Tehran and Washington that come even as they renew indirect talks about the Iranian nuclear programme, and more broadly, a pathway to end their seven-month war.
Vessel traffic through the strait of Hormuz fell to 17 on 28 September following a surge in traffic over the weekend, according to maritime security firm Windward.
Elsewhere, UK liquids production was at a 50-year low in August, falling by 20pc from July, preliminary government data show. Exports of all of the country's main crude grades declined.
Meanwhile, oil prices fell in the previous session as Middle East supply concerns eased. Saudi Arabia appears to be restarting crude exports from the Red Sea port of Yanbu, shipbrokers said, after a gap of nearly three weeks caused by war damage to the country's East-West pipeline.
South Korea's SK Energy has made a provisional agreement for the very large crude carrier (VLCC) DHT Gazelle to load from Yanbu, brokers said. The terms of the deal have it moving its cargo to Ulsan, via the Suez Canal and Cape of Good Hope, at a cost of $55mn. The route is probably to avoid any attacks by the Yemen-based Houthi militant group at the mouth of the Red Sea.
In the US, the Department of Energy (DOE) is offering to loan out another 40mn of crude from the US Strategic Petroleum Reserve (SPR) as part of an emergency drawdown that US president Donald Trump authorised in March.
On Tuesday, DOE published a request for proposals offering to loan up to 40mn bl of sour crude from the SPR's Bryan Mound and Big Bill storage sites in Texas, with delivery scheduled for November and December. The potential additional release from the SPR comes as the Trump administration looks for ways to bring down oil prices ahead of the midterm elections on 3 November.
By Rhalain Reyes