Oil drilling rigs
Oil prices remained on upward trajectory for the third consecutive session today, March 3, as the US-Israel conflict with Iran intensified, reinforcing concerns about supply disruptions from the Middle East region. 
Brent crude was trading up 2.91% at $80.02 a barrel, at 09:00 am Makkah time, after rising 7% in the previous session. West Texas Intermediate (WTI) jumped 2.27% to $72.85 a barrel.
Supply disruption concerns grew after Iranian media reported that an official in the Iranian Revolutionary Guard had declared the Strait of Hormuz closed, indicating that Iran would fire on any ship attempting to cross.
Tony Sycamore, a market analyst at IG, said in a note that with no signs of a rapid de-escalation, the Strait of Hormuz effectively closed, and Iran showing willingness to target the region’s energy infrastructure, the risks remain and will worsen the longer the conflict continues, Reuters reported.
On Monday, Bernstein raised its forecast for Brent crude prices this year to $80 a barrel from $65, but expects prices to reach between $120 and $150 if the conflict continues for a long time.
Oil drilling rigs
Oil prices remained on upward trajectory for the third consecutive session today, March 3, as the US-Israel conflict with Iran intensified, reinforcing concerns about supply disruptions from the Middle East region.
Brent crude was trading up 2.91% at $80.02 a barrel, at 09:00 am Makkah time, after rising 7% in the previous session. West Texas Intermediate (WTI) jumped 2.27% to $72.85 a barrel.
Supply disruption concerns grew after Iranian media reported that an official in the Iranian Revolutionary Guard had declared the Strait of Hormuz closed, indicating that Iran would fire on any ship attempting to cross.
Tony Sycamore, a market analyst at IG, said in a note that with no signs of a rapid de-escalation, the Strait of Hormuz effectively closed, and Iran showing willingness to target the region’s energy infrastructure, the risks remain and will worsen the longer the conflict continues, Reuters reported.
On Monday, Bernstein raised its forecast for Brent crude prices this year to $80 a barrel from $65, but expects prices to reach between $120 and $150 if the conflict continues for a long time.
