WS #16565
Crude oil prices surged to $117 per barrel following a tanker attack in the Strait of Hormuz and reports that Ukraine has resumed drone strikes on Russian oil refineries, overriding a previous US-mediated pause. TotalEnergies reported strong cash flows but faces operational risks in the region, while energy refiners like BP saw profits jump on widening margins. The escalation reinforces a supply-constrained outlook, pressuring global inflation expectations and airline margins.
Middle East Escalation and Energy Spike
Crude oil prices surged to $117 per barrel following a tanker attack in the Strait of Hormuz and reports that Ukraine has resumed drone strikes on Russian oil refineries, overriding a previous US-mediated pause. TotalEnergies reported strong cash flows but faces operational risks in the region, while energy refiners like BP saw profits jump on widening margins. The escalation reinforces a supply-constrained outlook, pressuring global inflation expectations and airline margins.