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Oil prices hit 1-month high as US-Iran attacks dim Strait of Hormuz outlook

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Published14 JUL 26 - 08:54 Reading time  minutes

“Crude oil is fast losing its strategic petroleum reserve buffer, and a violent repricing up cannot be discounted until the market sees toned-down rhetoric from both parties.” — June Goh, Senior Oil Analyst at Sparta Commodities

  • Expert: June Goh (Senior Oil Analyst, Sparta)
  • Publication: Al Jazeera
  • Market Focus: Crude Oil, Strait of Hormuz, Geopolitical Risk
  • Geographies: Middle East, Singapore, US

In a recent analysis for Al Jazeera, Sparta’s Senior Oil Analyst, June Goh, warned that the market’s strategic buffer is eroding fast as US-Iran hostilities enter a third day. Brent has surged to $85.92 a barrel, its highest since 15 June, after Iran struck two oil tankers in the Strait of Hormuz and Trump threatened a renewed port blockade with a 20% transit fee on shipping. Goh flags that with the US already drawing down its strategic petroleum reserve to cushion supply, that buffer will not hold if rhetoric between Washington and Tehran fails to cool. Traders should watch SPR drawdown levels and Hormuz transit data closely for signs of a sharper repricing.

[Read June Goh’s full market commentary in Al Jazeera]

Author

June Goh

Senior Oil Analyst

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