Brent Above $102 as Aramco Warns of Two-Year Oil Stock Rebuild
Brent trades near $102.48 a barrel as Aramco CEO Amin Nasser warns that depleted oil stockpiles could take two years to rebuild after Hormuz fully reopens.
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Brent trades near $102.48 a barrel as Aramco CEO Amin Nasser warns that depleted oil stockpiles could take two years to rebuild after Hormuz fully reopens.
Oil prices tumbled as Iran reportedly offered to reopen the Strait of Hormuz within seven days if the U.S. eases military pressure.
BWET has surged about 6,200% in 15 months as disruption around the Strait of Hormuz drives tanker freight rates sharply higher.
Brent crude surged above $100 a barrel as escalating U.S.-Iran attacks on oil tankers near the Strait of Hormuz intensified fears of a deeper disruption to global energy supplies.
Oil prices climbed after Trump said the U.S.-Iran ceasefire remains on “massive life support,” renewing supply disruption concerns.