West Texas Intermediate traded near $101.20/bbl in Asian morning trade on
Thursday as markets repriced the risk of further Middle East supply disruption.
BOK Financial senior trading vice president Dennis Kissler said reports the US
may soon resume military action have prompted futures to price near-term
tightening; given recent attacks on Saudi Arabia and other regional allies any
new operation could be more intense than previous actions. TD Securities expects
oil to remain supported in the near term, citing elevated escalation risk ahead
of Israeli and US midterm elections. Analysts said recent Houthi attacks have
lifted the geopolitical risk premium and Iranian strikes on tankers appear to
have reduced some flows through the Strait of Hormuz.
