Oil Prices Are Rising on Global Markets: What’s Behind the Trend
7 August 14:38
Oil prices continued to rise on Friday, August 7, following a significant increase at the close of the first trading session, driven by fears of a new escalation in the Middle East, reports "Komersant Ukrainian", citing Interfax-Ukraine.
October Brent crude futures on the London-based ICE Futures exchange are trading at $83.73 per barrel, which is $1.24 (1.5%) higher than at the close of the previous trading session. On Thursday, they rose by $3.04 (3.83%) to $82.49 per barrel.
September WTI crude oil futures on the New York Mercantile Exchange (NYMEX) electronic trading platform rose by $0.95 (1.23%) to $78.24 per barrel at this time. At the close of the previous session, their price had risen by $2.07 (2.75%) to $77.29 per barrel.
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The day before, the Houthi leadership confirmed plans to launch a series of strikes against Yemeni government forces’ positions. According to the Houthis, they will be able to target military camps, vehicles, personnel concentrations, and weapons depots.
At the same time, the Iranian Broadcasting Corporation (IRIB), citing a source, reported that Iran and Oman are discussing an agreement on joint control of the Strait of Hormuz, and one of Tehran’s demands is a ban on maritime passage for vessels belonging to hostile countries, specifically the United States and Israel. Violators are to be fined an amount equal to 20% of the value of the cargo being transported.
Earlier, Iran’s Foreign Ministry reported that Tehran and Muscat had already agreed on the coordinates of a new route for ships passing through the Strait of Hormuz and that the parties were ready to issue a joint statement. At the same time, it was noted that an agreement between Iran and Oman regarding the Strait of Hormuz is under discussion; however, this cannot guarantee security in the waterway due to the risk of destabilizing actions by the United States.
“Signs of an agreement between Iran and Oman have caused sharp fluctuations this week, but so far we don’t know what needs to happen for the agreement to be finalized,” said Vandana Hari, founder of the analytics firm Vanda Insights.
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