Pushold
Iran announced the agreement for a temporary safe corridor through the Strait of Hormuz is near finalization, potentially granting Tehran greater control over the critical waterway. Brent crude prices briefly exceeded $98 before settling above $97, while West Texas Intermediate rose 1.2% to $92.59. The deal raises concerns about Washington’s response, following recent US military strikes on Iranian tankers.
Tehran also warned vessels near Oman remain at risk. Hostilities between Iran and the US have flared again, reigniting fears of further energy disruptions through Hormuz. Oil futures surged over 30% since February, with diesel and refined fuels rallying amid broader West Asia conflict and Ukraine war.
Iran and Oman are formalizing joint control over the strait, potentially imposing transit charges. Meanwhile, the US enforces a blockade on Iranian ports to limit exports. Abu Dhabi National Oil Co. is discussing stakes in refineries in Thailand and Africa to secure customers and expand fuel-trading.
OPEC+ left its October output policy unchanged, awaiting fresh quotas before next steps. Core members are pumping below targets due to war disruptions, despite completing phased supply cut rollbacks. They will reconvene on October 4.
Source: CNBC TV18
