Oil prices dip but hold near highest in a month on Middle East tensions
XLE•Analysts see room for further gains
"It seems reasonable that prices could continue to climb towards $90-$95 and maybe even touch the $100 mark again and that is because the Strait of Hormuz is repeatedly being disrupted, creating uncertainty over oil flows from the Gulf," said Ole Hvalbye, market analyst at SEB Research.
On the supply side, Iraqi crude loadings more than doubled to average roughly 1.2 million barrels per day in the first half of July, according to Kpler data and a source with direct knowledge of the flows, as exports accelerated following months of restricted shipments.
Strait of Hormuz disruptions persist
On Wednesday, the U.S. struck Iran's coastal defences and missile sites after reimposing a naval blockade of its ports. Tehran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.
