Oil holds near one month highs as renewed US Iran conflict enters 10th night
Crude is trading in a narrow band so far this session, holding close to Monday's settle rather than extending the sharp gains seen over the past week and a half. The lack of follow through despite a steady drumbeat of escalation headlines, including fresh tanker attacks and Iranian claims of strikes on US assets in the Gulf, suggests the market has already priced in a high degree of ongoing conflict risk and now needs a genuinely new catalyst to move further. A confirmed closure of the Strait of Hormuz or a verified disruption to physical flows would likely trigger another leg higher, while any credible sign of ceasefire progress could just as quickly pull prices back toward the lower end of the recent range.
--- Crude is treading water near recent highs as the US Iran conflict grinds into a 10th night, with traders seemingly numb for now to a steady stream of fresh attack headlines out of the Gulf.
Summary:
- The US carried out a 10th consecutive night of strikes on Iran, with oil prices firming near one month highs into the session
- The UK military reported another attack on a ship in the Strait of Hormuz, with UKMTO confirming a further tanker had been struck
- Iran's army said it targeted US missile systems at Kuwait's Arifjan base, while explosions were again reported in Bandar Abbas
- Oil prices dipped slightly on Monday's news that mediators were working to push the US and Iran toward a new ceasefire
- Iran's Revolutionary Guard said two tankers were hit near the Strait of Hormuz and declared the strait closed, also claiming US radar and defence systems in Bahrain were destroyed
- Iran said missile and drone strikes targeted a US Patriot air defence system in Bahrain's Riffa
- The US State Department issued a worldwide caution alert for Americans as regional tensions increase
Oil prices have been little changed since Globex reopened at 6pm US Eastern time, holding near one month highs as the conflict between the United States and Iran entered its tenth consecutive night of strikes. The muted price action comes despite a steady flow of fresh escalation headlines overnight, suggesting the market has already absorbed much of the risk embedded in an increasingly wide ranging conflict and is waiting for a clearer signal before moving decisively in either direction.
The overnight session brought a familiar mix of attack and counter attack claims. The UK military reported another attack on a vessel in the Strait of Hormuz, an assessment issued by the UK Maritime Trade Operations body, which confirmed a further tanker had been struck. Iran's army said it had targeted US missile systems at Kuwait's Arifjan base with surface to surface missiles, while Iran's state news agency reported fresh explosions in the port city of Bandar Abbas.
Earlier in the session, prices had dipped slightly on Monday's news that international mediators were working to push Washington and Tehran toward a new ceasefire, a familiar pattern in recent sessions where diplomatic headlines have periodically offset the upward pressure from military escalation. That de-escalation narrative was quickly overshadowed by further claims from Iran's Revolutionary Guard, which said two tankers had been hit near the Strait of Hormuz and declared the strait closed outright, while also claiming US radar and defence systems in Bahrain had been destroyed. Iran separately said missile and drone strikes had targeted a US Patriot air defence system in Bahrain's Riffa district.
The US State Department issued a worldwide caution alert for American citizens as regional tensions continue to build, underscoring how far the conflict has expanded beyond its original front. For now, traders appear to be treating the barrage of claims and counterclaims as consistent with the elevated risk premium already embedded in prices rather than as fresh escalation requiring a further repricing. That could change quickly if any of Iran's claims, particularly around the closure of Hormuz or damage to Gulf based US military infrastructure, are independently verified in the hours ahead.
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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