NY crude oil futures for September closed at $83.39, up $1.26 from the previous day. Geopolitical risks came back into focus amid renewed concerns over shipping through the Strait of Hormuz.
NY crude oil futures for September closed at $83.39, up $1.26 from the previous trading day. Trading reached this level during regular hours, while the range including after-hours trading was $81.29 to $84.61.
The move was attributed to renewed concerns over shipping through the Strait of Hormuz, with Iran's hard-line stance and new attacks at sea prompting the market to price in the geopolitical risk premium once again.
Buying prevailed against this backdrop, and trading continued around $83.39. In the near term, the move suggested that upward pressure on oil prices could persist.
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