US Cash Crude-Grades rise on oil tanker attacks in Strait of Hormuz

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HOUSTON, July 14 (Reuters) - Grades mostly rose on Tuesday, dealers said, after oil tankers were attacked in the Strait of Hormuz in the latest escalation in the strategic waterway, fueling energy supply concerns.

One Indian crew member was killed and eight others were wounded when two Emirati oil tankers were struck by Iranian cruise missiles in the strait, the United Arab Emirates Ministry of Defence said on Tuesday.

Abu Dhabi National Oil Company's shipping arm, ADNOC L&S, later confirmed the very large crude carriers (VLCCs) Mombasa B and Al Bahyah were struck while transiting Hormuz and had sustained "significant damage".

U.S. President Donald Trump stepped back from a proposal to charge a 20% transit fee to guard the vital Strait of Hormuz waterway as part of the conflict with Iran, saying on Tuesday he would instead seek investment deals with Gulf states.

The price of Brent crude oil futures for prompt delivery rose on Tuesday to a one-month high over the price for oil six months later as traders priced in renewed risks to Middle Eastern supplies and shipping through the strait.

  • Light Louisiana Sweet for August delivery rose 5 cents to a midpoint of a 5-cent premium and was seen bid and offered between parity and 10-cent​ a barrel premium to U.S. crude futures CLc1 ​

  • Mars Sour rose $3.75 to a midpoint of a $1 premium and was seen bid and offered between a 90-cent and $1.10 a barrel premium to U.S. crude futures CLc1 ​

  • WTI Midland rose 35 cents to a midpoint of a 30-cent premium and was seen bid and offered between a 20-cent and 40-cent a barrel premium to U.S. crude futures CLc1 ​

  • West Texas Sour fell 20 cents to a midpoint of a $2.95 discount and was seen bid and offered between a $3.05 and $2.85 a barrel discount to U.S. crude futures CLc1 ​

  • WTI at East Houston, also known as MEH, traded between a 65-cent and 85-cent a barrel premium to U.S. crude futures CLc1

  • ICE Brent September futures LCOc1 rose $1.67 and are currently trading at $84.97 a barrel

  • WTI August crude CLc1 futures rose $1.20 to settle at $79.34 a barrel

  • The Brent/WTI spread widened 74 cents to last trade at minus $6.10, after hitting a high of minus $5.26 and a low of minus $7.25


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