Military Tension Between US and Iran Drives Oil Prices Up
Security risks in the Strait of Hormuz and mutual retaliations have led to rising prices in global energy markets.
The resumption of military retaliations between the US and Iran, alongside escalating risks in the Strait of Hormuz, caused oil prices to rise for the second consecutive day.
Rapid Surge in Oil Prices
Following the developments between the US and Iran, oil prices gained upward momentum. Brent crude approached $92, while West Texas Intermediate crude saw the $87 level.
Impact of Regional Tension and Attacks
Following a quiet period of about a month, an attack by US forces on an island in the Strait of Hormuz increased tensions. Iran responded with missile attacks targeting US air bases in the United Arab Emirates and Jordan.
Market Expectations and Refinery Statement
Bart Melek, Head of Commodity Strategy at TD Securities, stated that they do not expect normal tanker transits through the Strait of Hormuz to resume in the short term. Meanwhile, ADNOC announced that the Ruwais Refinery has resumed operations at full capacity.