US crude oil prices continue to grow after a price increase of more than two dollars. on Wednesday. This is not only the result of the decision of President Donald Trump to withdraw from the US nuclear agreement with Iran and the announcement of “powerful sanctions”, but also the Israel-Iran struggle.
On Wednesday, WTI oil in the US increased by $ 2.08. up to 71.14 USD per barrel, at the most from November 2014, and Brent oil on ICE gained 3.2%. up to 77.21 b / b.
The West Texas Intermediate (WTI) barrel in June delivery at the NYMEX fuel exchange in New York is priced at $ 71.75. – higher by 61 cents.
Brent crude in deliveries for July at the ICE Futures Europe fuel exchange in London is up 0.8%. up to 77.88 dollars per barrel.
At the Shanghai fuel market, supply in September rose by 2.1 percent. up to 475.1 yuan per barrel.
Tensions in the oil markets after the decision of Donald Trump and Israel’s declaration
President Donald Trump announced on Tuesday that he was withdrawing the US from the international nuclear agreement with Tehran, and added that the agreement was essentially unsuccessful. He announced that “powerful sanctions” against Iran come into force immediately.
“President Donald Trump is preparing to impose new sanctions on Iran, perhaps next week,” the White House said Wednesday, the day after Trump announced that the United States would withdraw from the nuclear agreement of the global powers with Iran in 2015 .
“We will continue to exert maximum pressure on them, huge sanctions … All sanctions that were in force before the conclusion of the contract are ready and we are preparing to introduce additional sanctions that may already appear next week,” announced the White House spokeswoman Sarah Sanders .
In the oil markets, this information has also caused tension – the Israeli army claims that Iranian forces in Syria have fired about 20 missiles into Israeli positions; some missiles have been intercepted. In the Golan Heights, alarm sirens sound – they give agencies on Thursday.
“Oil prices are always susceptible to information about geopolitical tensions, and the ongoing conflict between Israel and Iran is not something that can be resolved in the short term,” says Will Yun, a commodity analyst at Hyundai Futures Corp. in Seoul.
“While oil prices are currently growing mainly in response to President Trump’s decision to re-impose sanctions on Iran, we can see some restrictions in the price rally, because what will be lost in oil markets after Iran’s Iranian exports are reduced can be provided by other oil-producing countries, “he adds.