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US President Donald Trump sustained attempt to disrupt Iran’s oil exports would push crude prices above $90 per barrel (pb). according to an analyst.
“We are in a very attractive oil price environment.“ given the supply disruptions taking place all over the world. and President Trump’s frantic activity in urging US allies to stop purchasing Iranian crude output. Hootan Yazhari. Bank of America Merrill Lynch’s frontier markets equity research told CNBC on Thursday. adding that “our house view is that oil will hit $90 by the end of the second quarter of next year.“
Oil prices hovered near multi-year highs earlier in the day. following the unexpected drop in US crude inventories. while the supply disruption at Syncrude in Canada and worries over Libya’s exports buttressed the rising prices.
The US on Tuesday pressed importers to reduce crude purchases from Iran to “zero.“ by November. in a broader push to isolate Tehran economically and politically.
Moreover. the US demand came after members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers. including Russia. decided to ramp up crude supply last week. as they look to moderate oil prices after soaring more than 40% over the past 12 months.
The group’s decision came on the back of fears over rising crude futures triggered by Venezuela’s dwindling output. potential disruptions to Iran’s crude exports. and production declines elsewhere.
By 3:24 pm GMT. global benchmark Brent crude futures went up 0.39% to $77.92 pb. while US Nymex futures rose 1.40% to $73.78 pb.
