Attacks on a Saudi airport and a tanker near the Strait of Hormuz heightened
supply-risk concerns, pushing oil higher in early trade. WTI rose as much as
1.0% to $91.88/bbl; Brent climbed to $103.70/bbl. Year-to-date global benchmark
oil prices have gained over 70% amid sustained US-Iran hostilities with no clear
resolution. Although Gulf producers have largely restored exports via the Strait
to near pre-conflict levels, a surge in tanker attacks and rising regional
tensions could threaten flows. Traders also monitored Hurricane Isaias, which
caused power outages across three US states and at least four deaths; the US
Department of Energy said it will approve emergency swaps of up to 4 mln barrels
from the Strategic Petroleum Reserve to ease hurricane-related supply
disruptions.
