Oil prices are rising moderately on global markets: key factors
30 July 14:38
Oil prices fluctuated between gains and losses during trading on Thursday, July 30, despite ongoing U.S. strikes against Iran. This was reported by "Komersant Ukrainian", citing Interfax-Ukraine.
The price of September Brent crude futures on the London-based ICE Futures exchange stood at $90.75 per barrel, up $0.01 (0.01%) from the previous session’s close. Midway through the session, these contracts rose by $6.65 (7.9%) to $90.74 per barrel.
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WTI crude oil futures for September delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform fell by $0.67 (0.79%) to $84.79 per barrel. At the close of the previous session, their price had risen by $0.01 (0.01%) to $84.47 per barrel.
Oil prices surged sharply on Wednesday following a statement by U.S. President Donald Trump, who responded forcefully to Iran’s attack on a U.S. base in Jordan.
“We’re hitting them hard,” Trump said in an interview with Fox News, also using profanity. “They’re going to have a tough time.”
The Iranian Air Force had previously reported launching an attack using several ballistic missiles against a U.S. airbase and the command post of U.S. Central Command (CENTCOM) in Jordan.
On Wednesday night, the U.S. military carried out a series of strikes against Iran. Dozens of Islamic Revolutionary Guard Corps (IRGC) targets in Iran were attacked, including military command centers, missile and drone launch sites, coast guard and defense facilities, as well as naval facilities, according to CENTCOM.
The rise in oil prices is being driven by the fact that crude oil shipments from the Persian Gulf continue, despite the near-complete halt in tanker traffic through the Strait of Hormuz, which is being blocked by Iran. According to estimates by Rystad Energy, approximately 13 million barrels of oil per day are still being exported from the region.
Furthermore, following the Yemeni Houthis’ announcement of their intention to block Saudi oil shipments through the Red Sea, tankers—particularly those linked to China—continue to transit the Bab el-Mandeb Strait.
Although the total volume of shipments has decreased, oil continues to be exported from the region via alternative channels, and additional bypass routes are being explored. The longer this situation persists, the more these alternative routes and methods undermine Iran’s ability to use the Strait of Hormuz as a key leverage point, notes IG analyst Tony Sycamore.
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