UNITED STATES – Oil prices rose as geopolitical tensions and weather-related disruptions fuelled new fears about global supply. WTI traded around USD 89 per barrel, while Brent stayed near USD 100, following rumours that the White House has directed the Pentagon to prepare potential strike options against Iran. At the same time, Tropical Storm Isaias prompted the shutdown of more than 510,000 barrels per day of crude production in the Gulf of Mexico, accounting for about a quarter of the region’s output, putting additional strain on refinery supply and energy markets.
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(Source: Bloomberg; The Edge Malaysia)