Oil Prices Rise Following Military Tension Between US and Iran
With the escalation of military tension between the US and Iran, the barrel price of Brent crude rose to $95.60.
A significant increase in oil prices occurred as military tension between the US and Iran escalated and risks in the Strait of Hormuz increased. The barrel price of Brent crude rose by 4.4 percent to reach $95.60.
Latest Situation in Oil Prices
The futures barrel price of Brent crude, which had risen up to $92.11 yesterday, had completed the day at $91.57.
As of 09.12 today, the December futures barrel price of Brent crude increased by 4.4 percent compared to the close, reaching $95.60.
Military Mobility in the Regions
The US Central Command targeted the surroundings of the Strait of Hormuz and the southern regions of the country in its attacks against Iran on Tuesday evening.
Iranian media reported that explosion sounds were heard on Qشم Island, the city of Sirik, Bandar Abbas, and various points.
Strait of Hormuz Concerns
The resumption of clashes in the region increased concerns that long-term interruptions could occur in energy flow through the Strait of Hormuz.
On Monday, only five commodity vessels passed through the Strait of Hormuz, and two supertankers were struck with munitions.
Inventory Data and Supply Situation
According to American Petroleum Institute data, US crude oil inventories decreased by 2.6 million barrels last week.
The focus of the markets is now on the official inventory data to be announced by the US Energy Information Administration.