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Iran’s First Vice President said on 19 October that Tehran has no choice but to assert control over the Strait of Hormuz. Brent settled at $109.55, near a five-month high. Indian markets, shut on 20 October for Dussehra, reopen on 21 October with this yet to be priced in.
Brent crude settled at $104.28 a barrel, up 4%, and WTI at $91.49 after ten tankers were struck near the Strait of Hormuz in a single week, a record. Hurricane Isaias forced producers to shut about 500,000 bpd, roughly a quarter of US Gulf of Mexico output.
Brent settled at $100.34 on Monday, its fourth straight decline, after Trump said he was probably open to meeting Iran's President Pezeshkian at the UN General Assembly. US 10-year yields eased to 4.95% and the Nasdaq closed at a record. Nifty opened Tuesday near 23,454, with IT lagging.
Brent crude fell about 1.8% to near $102 on Monday, a fourth straight losing session, as oil and LNG flows through the Strait of Hormuz reached a six-month high. Gold eased 0.6% to around $4,355 an ounce, while bitcoin held above $81,000 as US-China trade talks lifted risk appetite.
Saudi Arabia has shut its East-West crude pipeline after drone strikes damaged pumping stations. The route had been carrying the bulk of kingdom exports while the Strait of Hormuz stays blocked. Brent has traded above the $100 mark. Yanbu storage is reported adequate for only days.
Brent has crossed $100 a barrel, its first break above that level since July, after fresh US-Iran escalation near the Strait of Hormuz. Wall Street closed lower, the US 10-year sits near 4.84%, the rupee opened past 95, and gold and bitcoin firmed while equities stayed defensive.
The 60-day US-Iran arrangement signed in June reaches nominal expiry today with talks deadlocked and the Strait of Hormuz still shut. Brent holds near $89 after a 5% weekly gain. Israel and Hezbollah exchanged fire over the weekend. Crude-linked sectors and energy importers stay in focus.
Brent crude held above $88 a barrel after gaining more than 5% last week, with the Strait of Hormuz still closed and Washington signalling further measures on Iran. The IEA forecast the widest global supply deficit in five years. India imports roughly 85% of its crude.
