Oil Prices Continue to Rise on Global Markets: Key Factors
12 August 14:38
Oil prices are rising moderately on Wednesday, August 12, following a rise the previous day driven by doubts about a swift peace deal between the U.S. and Iran, reports "Komersant Ukrainian", citing Interfax-Ukraine.
October Brent futures on the London-based ICE Futures exchange are trading at $89.47 per barrel, up $0.56 (0.63%) from the previous session’s close. On Tuesday, they rose by $1.19 (1.4%) to $88.91 per barrel.
Watch us on YouTube: important topics – without censorship
WTI crude oil futures for September delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform rose by $0.58 (0.7%) to $83.78 per barrel at this hour. At the close of the previous session, their price had risen by $1.07 (1.3%) to $83.2 per barrel.
The day before, Mohsen Rezaei , secretary of Iran’s Supreme National Security Council, stated that the Strait of Hormuz would remain closed until Washington changed its behavior.
“The Strait of Hormuz will not be opened unless the U.S. changes its behavior and accepts Iran’s conditions,” Rezaei was quoted as saying by the Iranian news agency Tasnim.
Tehran is also demanding compensation for damages caused during numerous attacks on its infrastructure.
For his part, U.S. President Donald Trump stated that things with Iran are “going well” and that the U.S. has full control over the Strait of Hormuz. The president added that if the Iranians “do anything,” they will be “crushed.”
“Right now, we are in a very advantageous position,” the American leader concluded.
Meanwhile, the American Petroleum Institute (API) reported yesterday that the country’s inventories rose by 9.07 million barrels last week. Analysts surveyed by Trading Economics had expected a decline of 500,000 barrels.
The API receives data from refinery, petroleum product, and pipeline operators on a voluntary basis. Official U.S. Department of Energy inventory data will be released on Wednesday at 5:30 p.m. local time.
Read us on Telegram: important topics – without censorship
