Oil Prices Continue to Rise: Key Factors
8 July 14:38
Oil prices rose sharply on Wednesday, July 8, following U. S. President Donald Trump’s announcement that the ceasefire with Iran had ended. This was reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”
“I think it’s over,” he said during the NATO summit in Ankara on Wednesday. “In my view, it’s just a waste of time.”
September Brent futures on the London-based ICE Futures exchange are trading at $78.33 per barrel, which is $4.17 (5.62%) higher than the previous session’s closing price.
Watch us on YouTube: important topics – without censorship
WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) have so far risen by $4.04 (5.74%) to $74.48 per barrel.
Trump, however, has no intention of halting negotiations with Tehran, although he is not optimistic about them.
“There’s something wrong with them; they’ve gone crazy,” the media quoted him as saying. “They can talk, but in my view, they’re wasting their time.”
According to Reuters, the shift in market sentiment was triggered by the United States’ reinstatement of sanctions against Iranian oil exports, as well as a series of airstrikes carried out by the U.S. military against targets in Iran.
These events have sparked serious concerns among global traders about disruptions to oil supplies from the Middle East.
A new wave of geopolitical escalation is forcing major players to urgently reassess their positions. After the signing of a peace agreement last month, oil prices temporarily fell to pre-war levels, prompting exchange traders to open record-breaking short positions in futures en masse, betting on a further drop in fuel prices amid an expected surplus of Middle Eastern crude.
Read us on Telegram: important topics – without censorship
