It is possible that the price of oil will increase due to the tankers attacked in the Persian Gulf and the Strait of Hormuz.
Iran is defending the area fanatically despite calls from the US and Europe to allow tankers to move freely.
The International Energy Agency (IEA) recommended a large-scale release of oil from strategic reserves that would exceed 100 million barrels during the first month, to help curb high crude oil prices amid the US-Israeli war with Iran.
However, the geopolitical situation is escalating further and it seems that the price of oil could be volatile and influenced more by Iran's actions rather than Trump and the G7's efforts to stop the price from rising further.
Key Targets:
97.80
103
110
115
CFDs on WTI Crude Oil
Updated 2 days ago
OIL : Strait of Hormuz Tensions Could Push Oil Higher
4
6
13
2 days ago
OIL : Strait of Hormuz Tensions Could Push Oil Higher
It is possible that the price of oil will increase due to the tankers attacked in the Persian Gulf and the Strait of Hormuz.
Iran is defending the area fanatically despite calls from the US and Europe to allow tankers to move freely.
The International Energy Agency (IEA) recommended a large-scale release of oil from strategic reserves that would exceed 100 million barrels during the first month, to help curb high crude oil prices amid the US-Israeli war with Iran.
However, the geopolitical situation is escalating further and it seems that the price of oil could be volatile and influenced more by Iran's actions rather than Trump and the G7's efforts to stop the price from rising further.
Key Targets:
97.80
103
110
115
Oil prices were on track to increase for the week, even though the United States tried to reduce worries about supply. The U.S. issued a 30-day license that allows countries to buy Russian oil and petroleum products that are currently stuck at sea.
On Friday, the price of Brent oil for May delivery had increased by $1.02, or about 1%, reaching $101.48 per barrel. This puts it on track for a weekly gain of nearly 10%.
Meanwhile, U.S. West Texas Intermediate (WTI) crude for April delivery rose by 94 cents, or 1%, to $96.67 per barrel, and was heading toward a weekly increase of more than 6%.
U.S. Treasury Secretary Scott Bessent said the license was meant to help calm global energy markets, which have been affected by the U.S.–Israeli war with Iran. However, analysts say the move has not solved the larger problem of limited oil supply.
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