Tokyo, March 19 (Jiji Press)–The benchmark Dubai crude oil futures contract for August delivery on the Tokyo Commodity Exchange, or TOCOM, briefly reached 90,000 yen per kiloliter Thursday, hitting the highest level since July 2008 on an intraday basis. Supply-related concerns rose following attacks on energy-related facilities in the ongoing clash between U.S.-Israeli forces and Iran. The surge also reflected the yen’s depreciation against the dollar. “Up until now, attacks on oil-related facilities had been limited,” a market source said. “Even if vessels could sail through the Strait of Hormuz again, restoration of damaged oil infrastructure would take a long time, meaning that crude oil prices would unlikely drop in the near future.” END [Copyright The Jiji Press, Ltd.]
Crude Oil Futures Hit 17-Year High in Tokyo
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