On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
Oil prices fell following US President Donald Trump’s announcement of de-escalation in the Middle East. Brent crude dipped almost 5% to $68 per barrel in early Tuesday trading.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
Asian oil buyers and traders are closely monitoring the situation around Iran, fearing possible supply disruptions. The Strait of Hormuz handles 90% of all oil shipments from the region to Asia.
Goldman Sachs flags the possibility of higher oil and gas prices following the US intervention in the Middle East conflict, with the company’s base-case scenario hinging on significant disruptions to energy supplies from the region.
Oil prices surged more than 3% at the start of Monday’s trading session, with Brent crude hitting a five-month high of $79.33 a barrel and WTI climbing to $77.10. The rally came after the US administration signaled strikes against Iranian targets, according to Reuters.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
According to today's statements by head of the Russian oil company Gazprom Neft Alexander Dyukov, the strategic purchases of crude by the US and China will have a positive effect on the balance of oil supply and demand.
Alexander Novak, Russian Deputy Prime Minister, stated that OPEC+ should continue to increase oil output amid summer growth in consumption.
Despite the risks of possible supply disruptions, China's refineries, the largest buyers of Iranian oil, have not experienced significant challenges so far. One reason behind this resilience is the country's record-high oil reserve levels.
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Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
