Iran War Closes Hormuz and Shuts 7 Million-BPD Saudi Pipeline as Oil Holds Above $100
Updated
Updated · Yahoo Finance · Sep 17
Iran War Closes Hormuz and Shuts 7 Million-BPD Saudi Pipeline as Oil Holds Above $100
3 articles · Updated · Yahoo Finance · Sep 17
Summary
JPMorgan said it no longer has a baseline view for the Iran war’s endgame as the conflict enters a seventh month and energy markets lose confidence that disruptions will be temporary.
Low double-digit daily transits are still moving through the Strait of Hormuz, down from more than 120 before the war, while strikes on Saudi Arabia’s East-West pipeline have shut the kingdom’s main bypass route indefinitely.
Brent and WTI futures held near $100 a barrel on Thursday, even after projections that Saudi Arabia could restore some of the pipeline’s 7 million bpd capacity.
US gasoline stayed above $4 a gallon, diesel topped $6 at record highs, and the 10-year Treasury yield rose past 5%, deepening pressure on Washington with midterm elections less than 50 days away.