Commerzbank highlights that Brent crude surged 3.4% to around USD107.77 as supply disruptions in the Persian Gulf intensified. Satellite imagery shows Iranian exports from Kharg Island nearly halted, with tankers used as floating storage. The bank notes that the ongoing Mideast standoff and US naval actions are key drivers of higher Oil prices.

Iran disruptions drive crude higher

"Brent crude oil prices surged 3.4% to USD107.77 amid the protracted Mideast standoff."

"Satellite imagery indicates that oil shipments from Iran’s primary export terminal at Kharg Island have come to a virtual standstill."

"For the first time since the war began, all berths at the facility were observed lying empty for several consecutive days."

"With passage out of the Persian Gulf blocked by the US Navy, a massive flotilla of tankers is being used as floating storage."

"President Trump arrived in Beijing on Wednesday for a high-stakes summit with Chinese President Xi Jinping on 14-15 May. While China remains the largest purchaser of Iranian oil and a strategic partner to Tehran, President Trump suggested the focus would remain on commercial ties."

"The meeting will test whether Beijing is willing to leverage its influence to help stabilize global energy markets."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)