Due to the ongoing war in the Middle East: oil prices are rising again
24 March 11:17
Oil prices rose on Tuesday, March 24, amid renewed concerns about the stability of supplies from the Persian Gulf. The market reacted to a statement by Iran, which denied that it was holding talks with the United States to end the conflict.
This was reported by Reuters, according to "Komersant Ukrainian".
Brent crude futures rose 2.9% to $102.83 per barrel, while U.S. WTI crude rose 2.8% to $90.62.
The day before, crude oil prices fell by more than 10% following Trump’s order to postpone attacks on Iranian energy facilities for five days. Analysts note that this decision temporarily removed the “war premium” from the price per barrel.
However, today’s rise indicates that traders are taking a sober view of the situation: despite the suspension of missile strikes, shipping through the Strait of Hormuz remains under threat.
Military actions have already led to the effective halt of one-fifth of global oil and liquefied natural gas supplies.
The situation in the Strait of Hormuz and analysts’ forecasts
Despite the tensions, two tankers bound for India managed to pass through the strait on Monday. Tehran calls Washington’s statements regarding contacts a manipulation of financial markets and a “psychological operation.”
Macquarie experts predict that until security is fully restored in the Strait of Hormuz, prices will remain in the range of $85–110.
If the strait remains blocked until the end of April, the price of Brent crude could reach $150 per barrel.
Infrastructure strikes and sanctions relief
Iranian media report new strikes on energy facilities in Isfahan and Khorramshahr, where gas stations and pipelines were damaged.
To alleviate the shortage, the United States has temporarily lifted sanctions on Iranian and Russian oil already at sea.
This has allowed traders to offer Iranian crude to Indian refineries, albeit at a premium to Brent exchange prices.
