Brent Crude Nears $96 Threshold Amid US-Iran Conflict
As supply concerns mount in global markets, Brent crude has pushed toward $96, while US benchmark crude has neared $92.
With the escalation of the conflict between the US and Iran, and ship traffic in the Strait of Hormuz remaining below pre-war levels, supply concerns in the oil market have strengthened, pushing Brent crude close to the $96 mark.
Latest Status on Brent Crude Prices
While Brent crude was trading at around $95.67 on Friday morning, the barrel price of US benchmark crude rose to $91.56.
On a weekly basis, the increase in Brent crude reached 7.1%, while the increase in US benchmark crude hit 9.8%.
Traffic Decline in the Strait of Hormuz
According to data from the US Energy Information Administration, the volume of oil passing through the Strait of Hormuz dropped from 21.6 million barrels per day to 4.9 million barrels per day.
Alternative pipelines and routes fail to fully meet the supply deficit, keeping market concerns alive.
Washington's New Sanctions
The US administration simultaneously implemented military operations and economic sanctions against Iran.
Launched at the end of August, the new campaign targets Iran's oil revenues, financing channels, and international shipping networks.
Turkey's Energy Bill Risk
For Turkey, which is heavily dependent on oil imports, this rise in Brent prices can create additional pressure on inflation.
Fluctuations in exchange rates also play a critical role in determining the extent of the final impact on the domestic market.