Oil prices are rising on global markets: key factors
11 May 10:12
Oil prices are rising on Monday, May 11, as market hopes for a swift resolution to the Middle East conflict have dimmed. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
U.S. President Donald Trump stated that he is not satisfied with the proposal for resolving the conflict submitted by Iran.
“I just read the response from the so-called representatives of Iran. I don’t like it. It is absolutely unacceptable,” Trump wrote on the social media platform Truth Social on Sunday.
The price of July Brent crude futures on the London ICE Futures exchange, as of 8:10 a.m. local time, stands at $105.79 per barrel, which is $4.5 (4.44%) higher than at the close of the previous trading session. On Friday, these contracts rose by $1.23 (1.23%) to $101.29 per barrel.
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WTI crude oil futures for June delivery on the New York Mercantile Exchange (NYMEX) have risen by $4.76 (4.99%) to $100.18 per barrel. At the close of the previous session, their price rose by $0.61 (0.64%) to $95.42 per barrel.
Last week, both Brent and WTI fell by more than 6% on hopes that the U.S. and Iran were moving toward resolving the conflict.
“Expectations for a quick deal between the U.S. and Iran have faded, and this is pushing oil prices higher,” says Warren Patterson, head of commodity strategy at ING Groep. “Fears of a new escalation of the conflict are likely to rise again, and as a result, we see potential for further growth in oil prices.”
Saudi Aramco CEO Amin Nasser said on Sunday that the oil market has lost about 1 billion barrels of oil over the past two months due to the Middle East conflict, which has halted shipments through the Strait of Hormuz. He warned that if the current situation drags on for more than a few weeks, the market is not expected to normalize before 2027.
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