Oil drilling rigs
Oil prices continued their upward trend today, March 4, as traders monitored developments in the Middle East and awaited the US plan to secure and escort oil tankers transiting the Strait of Hormuz, which has seen a near-total halt in shipping traffic. 
Brent crude was trading up 2.25% at $83.25 a barrel, at 08:53 am Makkah time, after surging nearly 12% in two days. West Texas Intermediate (WTI) jumped 1.93% to $75.98 a barrel.
President Trump wrote in a social media post: “Whatever happens, the United States will ensure the free flow of energy to the world,” without elaborating on the details of the planned security mechanism.
Commenting on the US proposal, ING Group said in a note that escort ships would be an easy target for Iranian attacks, so the US might choose to wait before sending escort ships until it is certain that Iran’s ability to launch attacks has diminished, Bloomberg reported.
Oil drilling rigs
Oil prices continued their upward trend today, March 4, as traders monitored developments in the Middle East and awaited the US plan to secure and escort oil tankers transiting the Strait of Hormuz, which has seen a near-total halt in shipping traffic.
Brent crude was trading up 2.25% at $83.25 a barrel, at 08:53 am Makkah time, after surging nearly 12% in two days. West Texas Intermediate (WTI) jumped 1.93% to $75.98 a barrel.
President Trump wrote in a social media post: “Whatever happens, the United States will ensure the free flow of energy to the world,” without elaborating on the details of the planned security mechanism.
Commenting on the US proposal, ING Group said in a note that escort ships would be an easy target for Iranian attacks, so the US might choose to wait before sending escort ships until it is certain that Iran’s ability to launch attacks has diminished, Bloomberg reported.
