Oil traffic through the Strait of Hormuz has slowed again after attacks on ships.
Due to increasing tensions between the US and Iran, oil traffic through the Strait of Hormuz has slowed after new attacks. Against this backdrop, oil prices have risen.
On Monday, the international agency Reuters reported that Brent crude oil futures rose by 0.8%, reaching $72.57 per barrel, while American oil West Texas Intermediate increased by 1.3%, reaching $70.11 per barrel. This oil price increase occurred following a 10.6% drop in Brent over the previous week.
New attacks on vessels in the Strait of Hormuz, including an oil tanker linked to Qatar, have led to retaliatory strikes by the US and Iran. This marks the worst escalation since the signing of a temporary peace agreement between these countries.
The portal Axios, citing US officials, reported an agreement reached between the US and Iran for a temporary cessation of mutual attacks and further negotiations in Qatar. Both countries agreed to refrain from aggressive actions so that ships can freely pass through the strait during technical negotiations.
Experts believe that stabilizing the situation in the Strait of Hormuz is critically important for the global oil market, as this region is one of the key transport routes for oil shipments worldwide.
| Oil | Price before attacks ($) | Price after attacks ($) | Increase (%) |
|---|---|---|---|
| Brent | 72.57 | 73.15 | 0.8 |
| West Texas Intermediate | 70.11 | 71.01 | 1.3 |
