Brent Crude Jumps to $92 After 2 Tankers Are Struck in Strait of Hormuz
Updated
Updated · CNBC · Sep 1
Brent Crude Jumps to $92 After 2 Tankers Are Struck in Strait of Hormuz
3 articles · Updated · CNBC · Sep 1
Summary
$92 Brent crude led markets higher after reports that two tankers were struck in the Strait of Hormuz, pushing oil up at the start of September trading.
Rising crude prices also lifted Treasury yields, with 10-year and 30-year yields climbing as investors reassessed inflation and rate-cut prospects.
Oil equities moved with the surge: Chevron added 1% in premarket trading after a 2% gain in the prior session.
The move comes as investors weigh a worsening Iran conflict and doubts that Washington can quickly contain the disruption, keeping focus on energy supply risks in a key shipping chokepoint.