Oil Dips After Two-Day Gain as Traders Weigh Middle East Outlook

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Dips After Two-Day Gain as Traders Weigh Middle East OutlookBrent oil slipped after surging almost 6% over the previous two sessions, as traders weighed continued hostilities between the US and Iran against efforts to broker a new ceasefire.Author of the article:Kanoko Matsuyama and Gabriel Levin You can save this article by registering for free here. Or sign-in if you have an account.msu}j)sah3zkci78zz3n}wn9_media_dl_1.png Bloomberg, IMF Portwatch, OpenSt(Bloomberg) — Brent oil slipped after surging almost 6% over the previous two sessions, as traders weighed continued hostilities between the US and Iran against efforts to broker a new ceasefire.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe global benchmark fell toward $88 a barrel, while West Texas Intermediate dipped to trade near $83. The US conducted a 10th straight day of strikes after President Donald Trump vowed Tehran “will pay” for killing American soldiers. Iran responded with missile and drone attacks on Kuwait.Still, diplomatic efforts have continued. Iran said mediators were in touch with proposals to ease hostilities after more than a week of worsening clashes, while Reuters reported a suggestion for a 10-day halt of strikes.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOil prices have repeatedly swung on the prospects for escalation and détente in the conflict, and a threat by Yemen’s Houthi militants to blockade Saudi Arabia’s maritime traffic in the Red Sea adds another level of risk. The Red Sea route allows the kingdom to export millions of barrels of crude via a cross-country pipeline that bypasses the Strait of Hormuz.“If there’s a disruption in the infrastructure, particularly the shipping lanes, then that could cause a spike in oil prices,” said Rob Thummel, senior portfolio manager for Tortoise Capital LLC, referring to the Houthi threat. “Inventories have drawn down a bit, so there’s just not a lot of margin for error.”Saudi Arabia has ramped up exports from Yanbu, its key Red Sea export hub, and roughly 2.5 million barrels a day are at risk from Houthi attacks, said Jorge Leon, senior vice president and head of geopolitical analysis at Rystad Energy AS, in a note. The Saudi Foreign Ministry said it would take all necessary measures to protect its ships in accordance with international law.Visible traffic through Hormuz came to a near standstill on Monday following Iranian attacks on vessels over the weekend. An oil supertanker called the Acheloos and a smaller fuel tanker were both struck in the waterway, according to Dynacom Tankers Management Ltd., the ships’ manager.Early Tuesday, the UK Maritime Trade Operations said that a tanker had been struck by an unknown projectile in the strait northeast of Oman’s Limah, citing multiple reports, without identifying the vessel. It’s unclear if the attack is separate to those on the Dynacom tankers.The flare-up in violence around the waterway has prompted some shipowners to offer huge bonuses to get crews to sail through Hormuz. Sinokor Group, the world’s largest owner of supertankers, has offered six months extra salary if seafarers make a return voyage.—With assistance from Nicholas Lua.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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