Brent crude prices reduced the profits of the previous session and fell almost $ 2 on Friday after the White House delayed a decision on the participation of the United States in the Israel-Iran conflict, but they still face a third consecutive week in black.
Ilan Rosenberg | Reuters
Petroleum futures fell sharply on Tuesday when a newly announced the high the fire of Iran-Israel began to calm investors with supply and shipping interruptions in the Middle East rich in oil.
The Ice Brent contract with the August chain was quoted at $ 69.76 per barrel at 09:09 am, London time, 2.41% less than the previous session. The August WTI contract of the first month of August was $ 66.85 per barrel, 2.42% lower than Monday’s agreement.
Oil prices had added approximately 10% on the beginning of mid -June of the hostilities of Iran and Israel that were exacerbated in recent days due to the direct military participation of the United States and the Iran’s reprisal strike against an American base in Qatar. The future raw decreased after the night announcement of the president of the United States, Donald Trump, of a high Iran-Israel fire despite the persistent questions about the implementation and future of the Tehran nuclear program, the key case of the recent Bey Israel and the United States
At risk through the offensives, they were supplied both in Iran, which produced 3.3 million barrels per day in May, according to the monthly OPEC oil market report published in June, which quotes sources from independent analysts, and more.
Through the hostilities, investors also observed if Wolder is processed with the closure of the hormuz strait that links the Persian Gulf and the Gulf of Oman, a key route for Iranian shipments and other shipments of the Middle East, including those of the largest emirates of Arabor, Iraq, Kuwait and Bahrain.
Iran’s Parliament approved on Sunday the closure of the Hortuz Strait, according to a report from Iran state press television that CNBC could not independently verify, although a final decision was based on security.
“The potential closure of Strait of Strait of Hormuz remains a risk of tail in our opinion, but we maintain that oil prices would compete beyond $ 100/B in such a scenario, due to the limited routes to avoid the narrow passage and expectability of the Wouddacabity in a note on Tuesday, as Trump announced a tentative rental.
They also added that oil prices were under pressure “since the threat of broader regional conflagration did not materialize despite the action of the United States against Iranian nuclear sites.”
Amid the risk of supply, the International Energy Agency previously assured that it had 1.2 billion emergency reserves barrels to which it could resort. As part of a decided strategy before Iran-Israel’s escalations, some producers of the influential OPEC+ alliance have also increased production and have additional spare volumes that could be put online.
