Oil prices in the United States are above $ 71 a barrel, and the end of the week will be the second in oil for prices to rise. The situation in the Middle East has become complicated, which raises concerns about the risk of disrupting the supply of raw materials.
The West Texas Intermediate (WTI) barrel for deliveries to June at the NYMEX fuel exchange in New York is priced at $ 71.29. – less by 7 cents.
Brent crude in July deliveries on the ICE Futures Europe in London is cheaper by 14 cents to 77.33 dollars. per barrel.
Since the beginning of the week, crude oil on NYMEX has gained 2.3 percent, and Brent on ICE increased by 3.3 percent.
At the Shanghai fuel exchange, supplies for September stood at 1.1 percent. up to 471.3 yuan per barrel.
The situation in the Middle East and the risk of disruption of supplies
The situation in the Middle East has become complicated, from where oil is supplied to global fuel markets.
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 on Wednesday, the day after Trump announced that the United States would withdraw from the nuclear contract of the global powers with Iran in 2015.
Sanctions can significantly reduce oil exports from Iran, which is the third largest oil producer in OPEC.
Oil markets are also looking anxiously at these events – after many weeks of tension, Israeli troops on Israel-occupied Golan Heights have been attacked with about 20 rockets. The Israeli army claims that the missiles were fired by Iranian forces on the other side of the demarcation line in Syria.
The tension between Israel and Iran increased due to uncertainty about the future of the nuclear agreement concluded in 2015 by Iran and six world powers, and on Tuesday the US president said he was withdrawing his country from the deal.
“Israel’s clash with Iran occurred immediately after the US withdrew from a nuclear agreement, and that is a political risk for markets,” says Kim Kwangrae, a commodity analyst at Samsung Futures Inc.
“Oil in the US may reach $ 75 a barrel, because there is the possibility of imposing additional US sanctions on Iran,” he adds.
The analyst indicates that there is still uncertainty in the markets associated with the production of oil by Venezuela, an OPEC member, where oil production fell due to political turmoil and the economic meltdown in the country.