Oil prices (WTI and Brent) are rising even more in the first trading sessions after the markets opened, after the US and Israel made it clear over the weekend that the war against Iran, which they launched on February 28 and has paralyzed hydrocarbon transport through the Strait of Hormuz, will last at least several more weeks (chart, above, by Reuters/Dado Ruvic).
The price of WTI rose 1,78% and Brent 1,73%.
The price of a barrel of West Texas Intermediate (WTI), a US benchmark variety, for delivery in May, rose 1,78% to $100,10 a barrel, shortly after trading began on the Chicago Mercantile Exchange (CME).
That of a barrel of Brent North Sea crude for delivery in May rose by a slightly lower rate, 1,73%, to $113,44.
On February 27, the eve of the US-Israeli attack on the Islamic Republic, WTI was at $67,02 and Brent at $72,48, as reported by APE.
Brent has approached $120 twice in the past two weeks, a level not seen since 2022, putting pressure on Washington to calm the market.
Pressure on Washington
Brent has approached $120 twice in the past two weeks, a level not seen since 2022, putting pressure on Washington to calm the market.
US Treasury Secretary Scott Besant, speaking on Fox Business last Thursday, said, a few days after the announcement of the massive release of stocks, that the United States could consider another similar move, despite the questions raised about the sustainability of supply.
Source: in.gr
