Oil prices rose due to sanctions against Iran and a drop in US stocks
Kyiv • UNN
Global oil prices rose by almost 1% due to sanctions against Iran and a reduction in US reserves. Brent price exceeded $68 per barrel.
Oil prices rose amid new sanctions against Iran and a decrease in reserves in the US. This is reported by Reuters, reports UNN.
Details
Global oil prices rose on Wednesday morning by almost one percent, continuing the gradual strengthening that began the day before. The market is reacting to the renewed sanctions pressure on Iran, the reduction in US oil reserves and signs of a softening tone from Washington regarding monetary policy.
In particular, American WTI oil traded at over $64 a barrel, and the price of North Sea Brent reached over $68. This increase was a response to actions by the US, which expanded the sanctions list to include an Iranian businessman involved in the transportation of energy resources. We are talking about structures responsible for supplying significant volumes of Iranian oil and liquefied gas to the world market, which previously brought Iran hundreds of millions of dollars.
At the same time, the market reacted to statistics according to which strategic oil reserves in the United States have significantly decreased. According to preliminary estimates, the decrease exceeded 4 million barrels, which indicates high demand or a reduction in supply within the country.
Let us remind
Earlier it was reported that oil prices fell: Brent below $67, WTI to $63. This happened amid concerns about the impact of the US trade war on demand and tracking negotiations between Washington and Tehran on the nuclear program, which may affect supplies.
