Global oil prices continue to rise for the third consecutive day, exceeding the $69 per barrel mark for Brent amid escalating tensions between Washington and Tehran. The market is reacting to the arrival of a US aircraft carrier group in the Middle East and Donald Trump's threats to use force if Iran does not make concessions on its nuclear program. This is reported by Reuters, writes UNN.
Details
As of Thursday morning, Brent crude futures rose by 1.5%, reaching $69.39 per barrel – the highest level since late September last year. US WTI crude also rose by 1.7% to $64.27. Investors fear that a possible US military operation against Iranian security forces and oil infrastructure could block supplies from the fourth-largest OPEC producer, which extracts about 3.2 million barrels per day.
The escalation of tensions between the US and Iran continues to reinforce the narrative of supply risks
The situation is exacerbated by reports that President Trump is considering options for striking Iranian regime leaders to provoke internal protests in the country.
Additional market influencing factors
In addition to geopolitics, oil prices are pressured by a significant reduction in US inventories: according to the EIA, crude oil volumes in storage fell by 2.3 million barrels over the week. North American production is also affected by the winter storm "Fern," which led to the shutdown of some fields in Texas and Oklahoma. The combination of natural disasters and the threat of war in the Middle East creates conditions for further fuel price increases in February.
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