Military Tension Between US and Iran Pushes Oil Prices Up
Escalating military tension between the US and Iran, along with risks in the Strait of Hormuz, caused the barrel price of Brent crude to rise to $95.60.
The escalation of military tension between the US and Iran and shipment risks in the Strait of Hormuz led to a rapid increase in oil prices in global markets.
Latest Situation in Oil Prices
The December futures price per barrel of Brent crude increased by 4.4 percent compared to the close, rising to $95.60. Meanwhile, the October futures price per barrel of West Texas Intermediate crude was determined at $90.79.
Military Clashes in the Region
The US Central Command targeted the area around the Strait of Hormuz and the south of the country in its attacks against Iran. The Iranian press reported that explosions were heard in Qeshm Island, Sirik, and Bandar Abbas.
Casualties and Injuries
Hormozgan Deputy Governor Ahmed Nafisi announced that the number of people injured in an attack on a residence in the city of Kuheshtak reached 68. In Khuzestan province, 7 people lost their lives and 8 others were injured.
UAV Shot Down and Threats Increased
The Iranian Islamic Revolutionary Guard Corps announced that it shot down a US MQ-9 type unmanned aerial vehicle. The General Staff of the Armed Forces of Iran stated that if the US military continues its aggression, it will suffer heavy losses.
Inventory Data and Expectations
The American Petroleum Institute projected that US commercial crude oil inventories decreased by 2.6 million barrels last week. Official inventory data will be released by the Energy Information Administration.