Brent oil surges past $96 on Middle East tensions

Global oil prices rose sharply amid renewed escalation of conflict between the U.S. and Iran in the Strait of Hormuz, driving Brent crude above $96 per barrel at its peak and boosting Russian stock markets despite volatility.

Consensus

Prices of Brent crude oil rose significantly during the week ending September 4, 2023.
The price increase was driven by renewed military escalation between the U.S. and Iran in the Persian Gulf region.
U.S. military strikes targeted Iranian positions in the Strait of Hormuz on August 30.
Iran responded with attacks on U.S. military bases in Jordan and the UAE.
WTI crude also rose, with gains exceeding 10% for the week.
The market reacted to fears of supply disruptions from the Middle East.
Analysts from ANZ raised their short-term Brent price forecast due to geopolitical risks.
Russian stock markets performed strongly, supported by strong earnings from oil and gas companies.

Points of divergence

Brent reached $96.21 per barrel at its peak during the week, with a weekly increase of 9.2%. — riamo
Brent closed the week at $95.51 per barrel, with a slight decline on Friday morning. — interfax
Brent reached $94.36 per barrel on November futures, the highest since August 21. — kommersant
Brent reached $92.72 per barrel at its peak during the day, with WTI at $88.53. — vedomosti
Brent reached $91.27 per barrel for December futures by September 1, with a 3.28% increase. — vesti
Brent surpassed $92 per barrel for the first time since July 30. — tg_tass_agency
Russian stock markets outperformed oil volatility due to strong earnings and geopolitical developments, including possible U.S. special envoys' visits to Kyiv and Moscow. — riamo
The U.S. conducted airstrikes on Iran, resulting in dozens of deaths, and Israel warned of retaliatory strikes against Iran. — interfax
U.S. forces attacked two Iranian missile launchers on Laarak Island in the Strait of Hormuz. — kommersant
Iran attacked U.S. bases in Jordan, targeting technical and maintenance infrastructure and fighter aircraft locations. — vedomosti
U.S. Vice President JD Vance stated that Washington reserves the right to use any available methods to resolve the conflict with Tehran, including economic, military, diplomatic, and covert pressure. — interfax
China’s oil imports rose in July, signaling a potential shift toward replenishing reserves and adding demand. — riamo

Coverage (20 sources)

Oil Brent jumped to $96, and the Russian stock market outpaced oil volatility — РИАМО
Oil Brent remains stable at $95.5 per barrel — Интерфакс
Brent fell to $95.02 per barrel — Интерфакс
Brent oil price exceeded $94 per barrel for the first time since August 21 — Коммерсантъ
Brent rose to $92.72 per barrel in the moment — Ведомости
Brent rose to $92.01 per barrel — Интерфакс
Brent oil prices continued to rise after resumption of US strikes on Iran — Коммерсантъ
Oil Brent rose by more than 3%, exceeding $91 per barrel — Вести
Brent oil price exceeded $91 per barrel — Ведомости
Brent rose to $90.7 per barrel amid new escalation in the Middle East — Ведомости
Reuters: Brent oil prices exceeded $89 after US strikes on Iran — Коммерсантъ
Brent has fallen to $89.64 per barrel — Интерфакс
Brent fell to $89.37 per barrel — Интерфакс
Oil Brent fell to $86.5 per barrel in the background of agreements on Hormuz — Вести
Brent fell to $86.5 per barrel — Интерфакс
Brent oil price fell below $86 per barrel — Коммерсантъ
Brent fell to $86.71 per barrel — Интерфакс
Oil accelerated the decline, Brent price dropped to $88.33 per barrel — Интерфакс
Oil Brent fell more than 3% — Ведомости
Brent oil futures fell below $88 per barrel for the first time since August 14 — Коммерсантъ

Brent oil surges past $96 on Middle East tensions

Consensus

Points of divergence

Coverage (20 sources)

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