Fading US-Iran talks and refinery attacks push Brent to USD 90 while gas oil jumps nearly 10% to USD 1,350 per ton.
Brent crude approached USD 90 per barrel, a three-month high, as hopes for a US-Iran deal to reopen the Strait of Hormuz dimmed. Drone attacks on refineries in Saudi Arabia, Russia, and Libya, alongside tight diesel supply, amplified the risk premium.
Gas oil prices surged nearly 10% to just under USD 1,350 per ton, the highest since late April. The gasoil crack spread climbed above USD 70 per barrel, reflecting broader supply constraints despite Europe’s indirect exposure.
The rally follows Iran’s demands for reparations and US calls for compensation over conflict-related damages, escalating geopolitical risks in key oil transit routes.