- Oil heads for large weekly gain on renewed Middle East tensions
- WTI prices are up nearly $6/Bbl this week, the biggest weekly gain since March 2023, following increased conflict between Israel and Iran
- Prices held onto gains as US jobs data beat expectations
- Tanker rates surge due to higher Middle East risks (BBG)
- Rates to ship oil from the US to Europe jumped 249% this week amid escalation between Israel and Iran
- Yesterday, President Biden signaled that the US would support an Israeli attack on Iranian oil infrastructure
- Iranian tankers have fled one of their main anchorages in the Persian Gulf
- Despite US sanctions, Iran still produces about 3.3 MMBbl/d, which is primarily sold to China at a discount
- Citi estimates a major attack on Iran’s oil infrastructure could take about 1.5 MMBbl/d off the market
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