Shipping concerns in the Strait of Hormuz drive up oil prices
The slowdown in tanker traffic and supply security concerns led to an increase in crude oil benchmarks in global markets.
Concerns that escalating clashes between the US and Iran could disrupt oil shipments in the Strait of Hormuz caused oil prices to move upward in global markets.
Brent crude tested 96 dollars
With the escalation of tensions between the US and Iran, the barrel price of Brent crude saw 96.18 dollars during the day and settled at 95.48 dollars in recent trades.
Tanker traffic in the Strait of Hormuz
According to Kpler data, only five commodity vessels passed through the Strait of Hormuz on Monday, while two supertankers carrying Saudi Arabian oil were struck by munitions.
Decline in Iran's oil exports
According to Reuters data, Iran's crude oil loadings, which were around 2 million barrels per day in March, dropped to a range of 220,000 to 255,000 barrels in August.
Decrease in US inventories
According to American Petroleum Institute data, US crude oil inventories decreased by .6 million barrels last week, while all eyes turned to official EIA data.