Oil Prices Rise for Second Straight Day as Middle East Tensions Push Up Risk Premium
February 10 — Oil prices maintained a two-day rally as Middle East tensions added a risk premium to prices. WTI crude traded above $64 a barrel after rising 1.7% in the past two sessions, while Brent crude settled above $69. The U.S. said in an advisory Monday that U.S.-flagged vessels should stay as far away from Iranian waters as possible when transiting the Strait of Hormuz. The warning comes despite signs of progress in nuclear talks between Washington and Tehran. Oil prices have rallied this year as recurring geopolitical tensions overshadowed concerns that a global supply glut would push up inventories and drag on prices. A series of data this week will provide traders with the latest insights into market conditions, starting with the EIA's monthly Short-Term Energy Outlook report due early Wednesday.
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