Ice Brent futures rose in early Asian trading as tensions continued in the Mideast Gulf, after US and Iranian forces exchanged fire in the Strait of Hormuz.
The Ice front-month July Brent contract was at $101.17/bl at 04:00 GMT, up by $1.11/bl from its settlement on 7 May when it ended $1.21/bl lower.
The Nymex front-month June crude contract was at $95.71/bl, up by 90¢/bl from its settlement on 7 May when it ended 27¢/bl lower.
The US and Iranian militaries exchanged fire on 6 May during an attempted passage by US warships through the strait of Hormuz.
Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through the strait of Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces.
The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said.
"Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the United States and our partners," US treasury secretary Scott Bessent said.
"Basically, Japan's policy remains unchanged, and in co-operation with the international community, including the G7, we will continue our support for Ukraine and the sanctions against Russia," Meti said.
Ice Brent futures rose in early Asian trading as tensions continued in the Mideast Gulf, after US and Iranian forces exchanged fire in the Strait of Hormuz.
The Ice front-month July Brent contract was at $101.17/bl at 04:00 GMT, up by $1.11/bl from its settlement on 7 May when it ended $1.21/bl lower.
The Nymex front-month June crude contract was at $95.71/bl, up by 90¢/bl from its settlement on 7 May when it ended 27¢/bl lower.
The US and Iranian militaries exchanged fire on 6 May during an attempted passage by US warships through the strait of Hormuz.
Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through the strait of Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces.
The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said.
Meanwhile, the US Treasury Department on 7 May imposed sanctions on Iraq's deputy oil minister Ali Maarij, accusing him of facilitating oil sales on behalf of Iran and Iran-backed Iraqi militia groups.
"Treasury will not stand idly by as Iran's military exploits Iraqi oil to fund terrorism against the United States and our partners," US treasury secretary Scott Bessent said.
Elsewhere, the UAE has agreed to refill the joint crude oil stockpile storages in Japan and expand the stockpile volumes in the future, Japan's trade and industry ministry Meti told Argus on 7 May.
Meti is unlikely to approve imports of sanctioned Russian crude, although the country imported waivered Sakhalin Blend earlier in May to ensure energy security.
"Basically, Japan's policy remains unchanged, and in co-operation with the international community, including the G7, we will continue our support for Ukraine and the sanctions against Russia," Meti said.
By Rhalain Reyes