Brent Nears $113 as Iran War Drags Into 2nd Month


   
   SECAUCUS, NJ (DTN) -- Oil prices rose again Friday (3/27),  as the Iran war 
was poised to enter its second month with no immediate end in sight to the 
conflict that has disrupted about 20% of global petroleum supplies.

   The NYMEX WTI crude futures contract for May delivery settled the session up 
$5.16, or 5.5%, at $99.64 bbl.

   Meanwhile, ICE Brent for May delivery closed Friday up $4.56, or 4%, at 
$112.57 bbl quarter.

   Downstream, NYMEX ULSD futures for April delivery finished up $0.221, or 5%, 
at $4.4955 gallon.  Front-month NYMEX RBOB advanced by $0.1533, or 5 %, at 
$3.2501 gallon. It gained 6% for the week.

   Escalating military rhetoric from and Iran Israel overshadowed a temporary 
pause in planned U.S. strikes on Iranian energy infrastructure and Pentagon 
consideration of sending thousands of additional U.S. troops to the Middle East.

   A senior Iranian official was reported saying that Tehran had yet to decide 
on whether to respond to U.S. peace proposal due to continued attacks on its 
industrial and nuclear infrastructure.

   U.S. crude benchmark WTI rose above the $100 bbl market on Friday,  while 
Brent approached to $113, as Iran threatened attacks on steel plants across the 
Middle East and Israel. Tehran also cautioned U.S.-linked and Israel-allied 
industrial and heavy industry firms to leave the region. Israel's Defense 
Minister Israel Katz stated that Israeli attacks on Iran 'will escalate and 
expand".  

   Crude prices eased in Thursday's after-hours trade as U.S. President Donald 
Trump announced on 10-day moratorium on U.S. strikes against Iranian energy 
targets.  

   The hostilities in the Middle East continue as the Strait of Hormuz remained 
blockaded by Iran since the start of the conflict on February 27, shuttering 
flows 20 million bpd in global petroleum flows.




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