On the night of 31 August, the US carried out strikes on two Iranian missile positions on Larak Island, right by the Strait of Hormuz. This is the first such escalation since the beginning of August. Iran retaliated by striking US air bases in Jordan.
The weekend exchange of fire between Iran and the US is fueling concern and supporting oil and gas prices. The rise is particularly visible in European gas and Brent crude.
- NATGAS.EU up about 5%
- OIL and OIL.WTI up about 3%
OIL (D1)
Brent is returning to the level of USD 90 per barrel.
Looking at the RSI [14] chart, it can be observed that volatility remains well below the levels seen at the recent peaks from March to July. Source: xStation5
NATGAS.EU (D1)
Gains in European gas are being supported even more, because disruption in the strait additionally coincides with concerns about gas storage levels in Europe ahead of winter. Source: xStation5
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