31.07.202609:55:38UTC+00Oil Heads for Strong Monthly Advance

Crude oil hovered around $83.50 per barrel on Friday and was on track to post a monthly gain of roughly 20%, as renewed clashes between the US and Iran raised the risk of further disruptions to Middle Eastern energy supplies. The US military launched new strikes on Iranian targets in response to Tehran’s attacks on US assets across the region, further dimming prospects for any near-term diplomatic breakthrough.

Even so, tanker traffic through the Strait of Hormuz picked up after a recent slowdown, enabling millions of barrels of crude to transit the vital chokepoint. In the Red Sea, Saudi Arabia hosted representatives from 43 countries for talks on establishing a maritime coalition to protect shipping routes, following a blockade imposed last week by Iran-backed Houthi militants.

Elsewhere, traders remained alert to potential supply disruptions in the Black Sea, after loadings at a key export terminal for Kazakhstan’s crude shipments were suspended once again this week in the wake of renewed attacks on oil tankers.