Oil extends gains after US and Iran strike ships
XLE•OPEC+ keeps October output policy unchanged
OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, the producer group said in a statement, as it needs to agree new quotas before deciding its next output steps.
A prolonged standoff, punctuated by calibrated military action by the U.S. and Iran, appeared to be the most likely scenario and was likely to delay the path to full recovery of Middle East supply, ANZ analysts said in a note.
"We then expect exports to remain constrained through the rest of 2026, before a gradual reopening late in Q4 2026," they said, adding that a return to pre-war throughput is not expected until late first quarter or early second quarter of 2027.
Oil prices extend gains on supply disruption concerns
SINGAPORE, Sept. 7 (Reuters) - Oil prices extended gains on Monday as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East.
