Ice Brent crude futures rose in early Asian trading because increased attacks on vessels transiting the strait of Hormuz heightened supply concerns, while a storm curtailed some offshore production in the US Gulf of Mexico.
The Ice front-month December Brent contract was at $101.63/bl at 04:00 GMT, up by $1.05/bl from its settlement on 6 October when it ended 26¢/bl higher.
The Nymex front-month November crude contract was at $90.24/bl, higher by 80¢/bl from its settlement on 5 October when it ended 1¢/bl higher.
Iranian attacks on vessels transiting the strait of Hormuz have increased in intensity in the last week, likely in response to higher crude exports through the waterway from Mideast Gulf countries while Iranian crude exports remain severely constricted.
Crude and refined product flows through the strait of Hormuz are averaging about 14mn b/d combined, trading firm Vitol's chief executive Russell Hardy said.
Saudi Arabia's East-West pipeline is carrying around 5.8mn b/d, according to energy minister Prince Abdulaziz bin Salman.
The global petroleum supply buffers that helped offset some of the disruptions caused by the Mideast Gulf conflict are "much thinner" today than when the war broke out in February, Chevron's chief executive Mike Wirth said at a conference on 6 October.
Meanwhile, about 9pc of crude production in the US Gulf of Mexico was shut-in on 6 October ahead of an impending storm.
The US light sweet WTI oil benchmark price will be $10/bl higher in 2027 than previously thought, with volatility and tightness in the global diesel market providing upward pressure, the US Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook.
Ice Brent crude futures rose in early Asian trading because increased attacks on vessels transiting the strait of Hormuz heightened supply concerns, while a storm curtailed some offshore production in the US Gulf of Mexico.
The Ice front-month December Brent contract was at $101.63/bl at 04:00 GMT, up by $1.05/bl from its settlement on 6 October when it ended 26¢/bl higher.
The Nymex front-month November crude contract was at $90.24/bl, higher by 80¢/bl from its settlement on 5 October when it ended 1¢/bl higher.
Iranian attacks on vessels transiting the strait of Hormuz have increased in intensity in the last week, likely in response to higher crude exports through the waterway from Mideast Gulf countries while Iranian crude exports remain severely constricted.
Crude and refined product flows through the strait of Hormuz are averaging about 14mn b/d combined, trading firm Vitol's chief executive Russell Hardy said.
Saudi Arabia's East-West pipeline is carrying around 5.8mn b/d, according to energy minister Prince Abdulaziz bin Salman.
The global petroleum supply buffers that helped offset some of the disruptions caused by the Mideast Gulf conflict are "much thinner" today than when the war broke out in February, Chevron's chief executive Mike Wirth said at a conference on 6 October.
Meanwhile, about 9pc of crude production in the US Gulf of Mexico was shut-in on 6 October ahead of an impending storm.
The US light sweet WTI oil benchmark price will be $10/bl higher in 2027 than previously thought, with volatility and tightness in the global diesel market providing upward pressure, the US Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook.
By Fabian Ng