USA – Oil price rises amid US-Iran tensions and the threat of hurricane “Isaias”

WASHINGTON, 8 October /ATSH-DPA/ – Oil prices rose today by around 4%, because of growing concerns that the conflict between the USA and Iran could escalate.

The price of Brent crude oil rose by 4.1%, reaching 104.32 dollars per barrel.

This rise recovered the previous day’s losses, after several sources reported that the White House had asked the Pentagon to prepare an attack on Iran, ahead of the US midterm elections. However, no final decision has yet been taken.

The price of US WTI oil also rose by 4%, to 91.83 dollars per barrel, while another factor affecting the market is the threat of a hurricane off the US coast.

Tropical storm “Isaias” is expected to reach the American coast of the Gulf of Mexico tomorrow evening.

Oil companies operating in the Gulf of Mexico have begun to cut production and remove employees from offshore oil platforms and installations.

On Wednesday, oil prices initially rose because of new concerns about oil supplies from the Middle East.

Then, prices fell after the International Energy Agency (IEA) agreed to speed up a plan to release oil reserves from strategic depots and to give priority to oil for the production of diesel, with the aim of lowering very high fuel prices.

According to data from the analytics company “Kpler”, only seven cargo ships passed on Tuesday through the Strait of Hormuz, the lowest number since 23 July.

The Strait of Hormuz is a very important sea route for transporting oil from the Middle East.

The low number of ships comes after attacks in this area reached last week their highest level since the start of the US-Israel war with Iran.

Meanwhile, the US State Department called on American citizens to show greater caution and vigilance, after attacks by Houthi rebels on two airports in Saudi Arabia caused three deaths and 36 injuries.