WTI Trades at $80 bbl, Hits 20-Month High on Iran War


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil prices rallied for a fifth consecutive session 
Thursday (3/5), hitting multi-year highs as WTI and Brent futures, traded at 
$80 bbl and $85 bbl, respectively, while ULSD traded to three-year highs and 
gasoline to near two-year peaks, as the war in Iran dragged on with no end in 
sight amid a near paralysis of the Middle East petroleum trade.

   The NYMEX WTI crude futures for April delivery were up $5.70, or 7.63%, to 
$80.36 bbl. The U.S. crude benchmark has risen 15% since U.S.-Israeli 
airstrikes on Iran began on February 28.

   ICE Brent crude for May delivery advanced $3.37, or 4.14%, to $84.77 bbl. 
The global crude setting a 20-month high of $85.12 on Wednesday (3/4). Like 
WTI, Brent is also up 15% in March alone.

   The front-month NYMEX ULSD futures contract l, rose $0.2376 to $3.5314 
gallon. The session peak was $3.5755, their highest since the $3.5800 level 
touched in January 2023.

   RBOB futures for April delivery increased by $0.1326 to $2.6475 gallon, 
after climbing to a 22-month high of $2.6627.  

   Pump prices for gasoline in the U.S. have risen as well, averaging $3.015 
gallon last week, 6.3ct lower than a week earlier, according to the Energy 
Information Administration.

   The U.S. dollar index strengthened by 0.355 points to 99.085 against a 
basket of foreign currencies.

   Energy markets are up across the board with refiners, particularly in Asia, 
forced to scale back operations and cancel exports as Iran effectively 
blockaded the Strait of Hormuz in retaliation against U.S.-Israel airstrikes. 
The strait, bordered by Iran, Oman and the UAE, was a vital shipping lane for 
at least 20 million bpd of petroleum liquids.

   Six days into the war, there were no signs of a de-escalation yet. Reports 
that Iran's Ministry of Intelligence had reached out to Washington to negotiate 
an end to the conflict were quickly dismissed by Tehran as false.  Iran has 
also launched hundreds of missiles and drones toward Saudi Arabia, the UAE, 
Kuwait, Qatar, Bahrain, and Oman to retaliate against neighbors which have also 
been U.S. allies.

   The U.S., on its part, said its campaign against Iran was just beginning. 
"We are accelerating, not decelerating," Defense Secretary Pete Hegseth said 
this week.

    




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