Brent Tops $110 bbl as Middle East War Looks to Drag On


   
Karim Bastati
DTN Refined Fuels Market Reporter

   VIENNA (DTN) -- Oil prices extended their run higher Friday (3/27) on 
dimming prospects of a ceasefire in the month-long U.S.-Israeli war on Iran. 
Despite the U.S. postponing strikes on Iranian energy infrastructure for ten 
days, Israel and Iran continued to exchange fire while the Pentagon mulled 
sending thousands more troops into the region.

   Prices slid in Thursday's (3/26) after-hours trading as U.S. President 
Donald Trump announced on his social media platform that he was extending the 
moratorium on strikes planned by the U.S. on Iranian energy assets. The gesture 
was to accommodate Iran's request, as talks between it and White House 
appointed negotiators were "going well", the president said. Tehran denied 
making such a request or being in talks.

   Energy market resumed their broad rally in the latest session after Israel's 
Defense Minister Israel Katz warned that Israeli attacks on Iran 'will escalate 
and expand".  The Iranian military has pledged to go "all-out" as well in 
response.

   By 9.05 a.m. ET, NYMEX WTI crude for May delivery was up $2.72 to $97.20 
bbl, while ICE Brent crude for May delivery rose $2.63 to $110.85 bbl.

   ULSD futures for April delivery advanced $0.0871 to $4.3605 gallon, and 
front-month RBOB futures edged higher by $0.0836 to $3.2138 gallon.

   The US dollar index strengthened by 0.182 points to 99.89 against a basket 
of foreign currencies.

   On a weekly basis though, both WTI and Brent showed a decline after market 
volatility this week from speculation of a potential ceasefire in the Middle 
East amid Trump's insistence that U.S. and Iran were engaged in talks.

   Tehran, on its part, said it was only interested in lasting peace, not a 
temporary ceasefire. It has responded to Washington's 15-point peace proposal, 
submitted through Pakistani intermediaries, with its own 5-point plan, which 
included recognition over Iran's sovereignty over the Strait of Hormuz that it 
has blockaded. Iran's armed forces on Friday claimed to have turned back three 
vessels attempting to transit the waterway that used to serve a fifth of world 
petroleum cargo, saying traffic will only be open to "friendly" nations.

   Iranian attacks on Israel and U.S.-allied neighbors are also continuing 
unabated.




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