Oil prices shed 2% as Iran-Israel ceasefire eases concerns over supply, Strait of Hormuz closure
Brent raw prices fell from the previous session, and after the White House decided to participate in the Israeli-Iranian conflict, it fell approximately $ 2 on Friday, but they were still prepared in black for a third week.
Rosenberg | Reuters
Since the Iran-Israeli ceasefire, which was declared fresh, began to eliminate the concerns about the oil-rich supply and transport deductions in the Middle East, oil-futures fell sharply on Tuesday.
The ice Brent agreement with the August Expiry fell 2.41% from the previous session at 09:09 London Time was traded at $ 69.76 per barrel. The façade August Nymex WTI contract was $ 66.85 per barrel and 2.42% lower than the Monday agreement.
Oil prices, in recent days, the US direct military participation and Iran’s retaliation strike against an American base in Qatar, even more worsening Iran-Israeli hostility in the middle of June has added 10% in the middle of June. Despite the ongoing questions about the implementation and future of US President Donald Trump’s Nuclear Program of Tehran, US President Donald Trump followed the announcement of the Iran-Israeli ceasefire overnight-the main reason for the last hostility specified by Israel and the United States
According to OPEC’s monthly oil market report in June, there was a risky supply at risk in Iran, which produced 3.3 million barrels per day in May and in the event of conflicts, in the wider Middle East region, Iran.
Throughout hostility, investors watched whether Iran will continue to close the Hormuz Strait, which connects the Gulf of Iran and the Gulf of Oman – for Iran and other Middle East shipments, including the world’s largest raw exporter Saudi Arabia and the United Arabs, including IRAY, KUWAİT and Bahrain.
According to a report that Iran’s state’s press TV could not confirm independently by CNBC, Iran’s parliament approved the closure of the Hormuz Strait on Sunday despite the country’s National Security Council.
Barclays analysts, as Trump declared a hearing, as well as Barclays analysts, in the Tuesday note, “the potential closure of the Hormuz Strait continues to be a queue risk according to our opinion, but we think that the limited ways to jump the narrow passage and the restrictions that will lead to the marketability of the spare capacity will be 100.” He said.
In addition, despite the US action against Iran’s nuclear areas, the threat of regional conflict has not been threatened, he added that oil prices are under pressure.
In the midst of supply risk, the International Energy Agency made sure that it could previously resort to 1.2 billion barrel emergency stocks. As part of a strategy decided before Iran-Israeli increases, some manufacturers from the effective OPEC+ alliance increase the output and have additional backup volumes that can be brought online.
