Oil Near Five-Month High on Middle East Risks, Mexico Supply Cut

• Isreali airstrike on Iran’s embassy in Syria stokes tensions
• Pemex said it would halt exports of crude over next few months

 

Oil held near a five-month high, with heightened geopolitical risks in the Middle East and tighter supply from Mexico helping to buoy prices.

Brent futures climbed toward $88 a barrel after rising by 0.5% on Monday, with West Texas Intermediate around $84. An Israeli airstrike on Iran’s embassy in Syria killed a top military commander and others, with Tehran saying it would respond decisively. Pemex, Mexico’s state-run oil company, said it plans to halt exports primarily of its Maya crude over the next few months.

https://www.bloomberg.com/news/articles/2024-04-01/latest-oil-market-news-and-analysis-for-april-2