Oil drilling rigs
Oil prices rose today July 17, with both benchmark contracts on track to post weekly gains of nearly 12%, as concerns mounted that the escalating conflict between Washington and Tehran could further threaten oil supplies from the Middle East. 
Iran instructed the Houthis to prepare to close Bab el-Mandeb Strait if the US launched strikes on Iran’s energy infrastructure. Nearly 7% of global oil production passed through the strait in June, Reuters reported, citing three sources.
Meanwhile, the US Energy Information Administration (EIA) said it is reviewing the findings of a pilot study to determine the minimum operational crude oil inventory levels at the Cushing storage hub after stockpiles fell to levels that could disrupt normal operations.
Investors are also awaiting Baker Hughes’ US oil and gas rig count data, due later today, for fresh signals on the outlook for US energy supplies.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (September Delivery)
84.95
+0.72
+0.85%
WTI (August Delivery)
79.74
+0.79
+1%
Oil drilling rigs
Oil prices rose today July 17, with both benchmark contracts on track to post weekly gains of nearly 12%, as concerns mounted that the escalating conflict between Washington and Tehran could further threaten oil supplies from the Middle East.
Iran instructed the Houthis to prepare to close Bab el-Mandeb Strait if the US launched strikes on Iran’s energy infrastructure. Nearly 7% of global oil production passed through the strait in June, Reuters reported, citing three sources.
Meanwhile, the US Energy Information Administration (EIA) said it is reviewing the findings of a pilot study to determine the minimum operational crude oil inventory levels at the Cushing storage hub after stockpiles fell to levels that could disrupt normal operations.
Investors are also awaiting Baker Hughes’ US oil and gas rig count data, due later today, for fresh signals on the outlook for US energy supplies.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (September Delivery)
84.95
+0.72
+0.85%
WTI (August Delivery)
79.74
+0.79
+1%
