Oil prices rose nearly 2% amid escalating tensions between the U.S. and Iran — Reuters
Global oil prices rose by about 2% and reached their highest level in the past month amid the escalating conflict between the U.S. and Iran and risks to energy supplies through the Strait of Hormuz.
Brent crude futures rose 1.7% to $84.73 per barrel, while U.S. WTI futures rose 1.5% to $79.34 per barrel.
“The resumption of attacks between the U.S. and Iran is accelerating this week and is likely to continue, given the additional U.S. airstrikes overnight that followed the reimposition of the blockade on the Strait of Hormuz,” according to a note from analysts at the energy consulting firm Ritterbusch and Associates.
At the same time, analysts note that further increases in oil prices could be tempered by concerns over accelerating inflation, a slowdown in the global economy, and declining demand for fuel.
Reuters reported this on July 14.
As a reminder, European stock markets began to decline amid a new spike in oil prices. The main reason for this investor reaction was the escalation of tensions in the Middle East, which heightened concerns about the stability of global energy supplies.
Over the past few days, Iran has been secretly moving oil tankers through the Strait of Hormuz even before the United States reinstated its naval blockade of Iranian ports. Bloomberg reported this, citing vessel tracking data.
