Global crude oil prices continued their rise on Monday (7\/9) amid\nmutual attacks between the United States and Iran targeting ships in the\nStrait of Hormuz and surrounding areas. The escalation has heightened\nconcerns over a prolonged supply disruption from the Middle East.<\/p>\n
Brent crude futures rose 0.82% to US$97.07 per barrel, whilst US West\nTexas Intermediate (WTI) crude stood at US$92.28 per barrel, up\n0.87%.<\/p>\n
Last week, Brent prices surged 7.8% and WTI gained almost 10% after\nthe US and Iran resumed attacks on one another. The conflict has reduced\nthe flow of oil through the Strait of Hormuz, a route that normally\ncarries one-fifth of the world\u2019s oil supply.<\/p>\n
US Central Command stated that American forces struck three Iranian\noil tankers on Saturday (5\/9), including one vessel off Kharg Island,\nnear Iran\u2019s main oil export hub.<\/p>\n
The Iranian Revolutionary Guard Corps Navy announced on Saturday that\nit had targeted three oil tankers travelling through unofficial routes\nin the Strait of Hormuz, as well as three other US vessels in separate\nareas.<\/p>\n
Data released on Monday by analytics firm Kpler showed an average of\nten commodity-carrying vessels transiting the Strait of Hormuz per day\nover the past ten days \u2014 the lowest figure since May.<\/p>\n
\u201cIf tanker traffic begins to slow significantly, the market may start\npricing in the impact of a far larger supply shock. And signs that this\nis happening are already beginning to emerge,\u201d said Priyanka Sachdeva of\nPhillip Nova, quoted by Reuters on Monday (7\/9).<\/p>\n
Meanwhile, Secretary of Iran\u2019s Supreme National Security Council\nMohsen Rezaei said a restricted zone outside the Strait of Hormuz area\nwould be announced within the coming days.<\/p>\n
Finance Minister Purbaya Yudhi Sadewa confirmed that energy subsidies\nwill be maintained to mitigate the impact of the global oil price surge\nand protect purchasing power.<\/p>\n
Deputy Minister of Energy and Mineral Resources Yuliot affirmed that\nprices of non-subsidised fuels such as Pertamax will follow global oil\nmarket prices, which have now climbed to around US$96 per barrel.<\/p>\n
Citi forecast that US Treasury yields, particularly at short tenors,\nwill decline towards the end of the year.<\/p>\n
Analysts predict WTI crude prices could surpass US$90 per barrel due\nto intensifying geopolitical tensions in the Strait of Hormuz, the Red\nSea and as far as Africa.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/us-iran-mutual-attacks-send-global-oil-prices-soaring-again-1788767457", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }