Global oil prices are rising for the second consecutive day as traders react to the risks of supply disruptions from the Middle East. Despite diplomatic attempts by the US and Iran to reach an agreement in Oman, military maneuvers and warnings about shipping safety are forcing the market to factor in an additional risk premium into fuel prices. This is reported by Bloomberg, writes UNN.
Details
The price of WTI crude oil exceeded $64 per barrel, and Brent stabilized near $69. The main pressure factor was Washington's statement, which recommended American vessels avoid Iranian waters when passing through the Strait of Hormuz. This sea route is critical for global energy, as it accounts for about a third of all seaborne oil supplies, mainly to Asia.
Oil prices fall as Middle East tensions ease between the US and Iran09.02.26, 06:11 • [views_4878]
Analysts at RBC Capital Markets note that although both sides positively assessed the start of nuclear negotiations in Oman, the threat of strikes on Iranian targets remains on the agenda. The US military presence in the region forces supertanker operators to accelerate the movement of their vessels through dangerous areas, fearing provocations or the closure of the strait by Tehran.
Fighting the "shadow fleet" and Venezuelan control
In parallel with the Middle East crisis, the US is expanding the geography of its fight against the export of sanctioned raw materials.
Traders are awaiting new data from the US Department of Energy, which should clarify the state of global inventories. Despite a potential oil surplus in 2026, geopolitical tensions currently outweigh economic concerns, keeping prices high.