Oil prices are rising on global markets: key factors
11 June 09:35
Oil prices are rising amid fresh signs of an escalation of the conflict in the Middle East. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
U.S. military forces carried out strikes on Iranian territory early Thursday morning. According to the Axios portal, citing military sources, all targets attacked were located in the south of the country. Among them were air defense systems, radars, as well as command and control units for unmanned aerial vehicles.
The U.S. Central Command (CENTCOM) reported that the strikes on Iranian targets were carried out on the orders of the commander-in-chief. U.S. President Donald Trump threatened Tehran with even more powerful strikes if it does not reach an agreement with Washington.
Amid the new U.S. strikes, Iran announced on Thursday that it was closing the Strait of Hormuz to all vessels.
The price of August Brent futures on the London ICE Futures exchange, as of 8:20 a.m. local time, stands at $94.01 per barrel, which is $0.91 (0.98%) higher than at the close of the previous trading session. On Wednesday, these contracts rose by $1.65 (1.8%) to $93.10 per barrel.
July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) electronic trading platform have risen in price so far by $1.08 (1.2%) to $91.11 per barrel. At the close of the previous session, their price had increased by $1.83 (2.07%) to $90.03 per barrel.
“Events in the Middle East indicate that a deal is still a long way off, and energy supplies from the Persian Gulf will remain severely constrained,” ING analysts note.
A report from the U.S. Department of Energy released on Wednesday showed a decrease in the country’s oil inventories last week by 7.228 million barrels. Stocks at the Cushing terminal, where oil traded on the New York Mercantile Exchange (NYMEX) is stored, fell by 801,000 barrels.
Commercial gasoline inventories in the U.S. increased by 186,000 barrels last week, while distillate inventories decreased by 200,000 barrels.
