WTI at $96; Gulf Oil Depots Shut, Iran Leader Warns Market


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil prices rose again Thursday (3/12), with U.S. crude 
tipping the $95 bbl mark and North Sea Brent breaching $100, on news of oil 
terminal closures in the Persian Gulf and attacks on oil tankers. Concerns 
about threats from Iran's new leader that Tehran will continue using energy as 
leverage in its war with U.S. and Israel added to the upward pressure on oil 
futures. 

   By 2:45 p.m. ET, WTI crude futures for April delivery were up by $8.85 to 
$96.10 bbl after a session high at $97.19. Brent crude for May delivery 
advanced by $6.83 to $98.81 bbl after peaking at $ 101.57.

   Downstream, NYMEX RBOB futures for April delivery rose $0.1881 to $2.9764 
gallon. NYMEX ULSD futures for April soared $0.2258 to $3.9046 gallon.

   The U.S. Dollar Index, meanwhile, strengthened by 0.445 points to 99.67, 
providing little respite to the energy rally driven by the Iran war, which 
entered its 13th day.

   Crude prices rose for the ninth time in 10 sessions after Iraq halted all 
oil port operations following attacks on two tankers that caused fuel spills 
and the death of a sailor.

   Oman also evacuated a major export terminal as a precaution, while China 
banned all refined fuel exports for the rest of March to protect domestic 
supplies. The escalations demonstrated that the near two-week long Middle East 
conflict was disrupting energy flows beyond its original borders.

   In his first public statement, Iran's new supreme leader, Mojtaba Khamenei, 
vowed to maintain the closure of the Strait of Hormuz, where a fifth of global 
petroleum supplies normally transit, as a strategic leverage against the U.S. 
and Israel.

   This stance further elevates uncertainty in energy markets, where the 
International Energy Agency (IEA) has already warned that the conflict is 
causing "the largest supply disruption in the history of the global oil market."

   The IEA announced a day ago a record release of 400 million bbl of oil from 
the emergency reserves of consuming countries to offset the supply crisis. U.S. 
President Donald Trump also said on Wednesday (3/11) that the U.S. will tap its 
own Strategic Petroleum Reserve for an additional 172 million bbl.




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