Oil prices are rising on global markets: key factors
8 June 09:52
Oil prices are rising by more than 4% amid signs of a new escalation in the Middle East conflict. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
Iran and Israel have exchanged strikes, jeopardizing the fragile ceasefire, while no progress has been observed in the negotiations between Washington and Tehran.
The price of August Brent futures on the London ICE Futures exchange, as of 8:20 a.m., stands at $97.32 per barrel, which is $4.23 (4.54%) higher than at the close of the previous trading session. On Friday, these contracts fell by $1.94 (2.04%) to $93.09 per barrel.
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July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have risen by $3.94 (4.35%) to $94.48 per barrel. At the close of the previous session, their price had fallen by $2.5 (2.69%) to $90.54 per barrel.
Over the past week, Brent rose by 2.2%, and WTI by 3.6%.
“The escalation of the conflict between Israel and Iran this weekend has shown just how fragile the ceasefire is,” notes Andy Lipow, president of Lipow Oil Associates. “The heightened tensions create the risk that the Strait of Hormuz will remain closed longer than expected, and also increase the likelihood that Iran will take additional steps to restrict shipping in the Red Sea.”
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