Oil prices continue to rise on global markets: key factors
14 July 14:36
Oil prices continue to rise following a sharp spike the day before amid a significant escalation of the conflict in the Middle East. This is reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”
U.S. President Donald Trump stated that American forces would resume the naval blockade of Iran. Later, U.S. Central Command (CENTCOM) reported that the military had lifted the blockade of Iranian ports.
The price of September Brent crude futures on the London ICE Futures exchange stands at $84.78 per barrel, which is $1.48 (1.78%) higher than at the close of the previous trading session. On Monday, they rose by $7.29 (9.59%) to $83.3 per barrel.
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WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform have risen by $1.62 (2.07%) to $79.76 per barrel. At the close of the previous session, their price had risen by $6.73 (9.42%) to $78.14 per barrel.
Prices for both contracts are at their highest levels since June 17—the date Washington and Tehran signed a memorandum of understanding suspending hostilities in the region.
CENTCOM also reported that the U.S. carried out another series of strikes on military targets across Iran on Tuesday night.
Iran’s Islamic Revolutionary Guard Corps (IRGC) previously reported that it had launched strikes using ballistic missiles and drones against facilities at the U.S. Navy’s Fifth Fleet base in Bahrain in response to the American attacks.
It was also reported that two oil tankers belonging to the UAE were hit by Iranian strikes near the Strait of Hormuz in Omani territorial waters. As a result of the attack on the tanker “Mombasa,” one crew member was killed and eight were injured. The vessels sustained significant material damage.
This new escalation of the conflict—in particular, the U.S. resumption of the blockade of Iranian ports and Iran’s retaliatory actions—clearly poses new risks to the oil market, notes KCM Trade analyst Tim Waterer.
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