Texas crude oil jumps 6.28% in first session after start of war in Iran

Texas Intermediate Crude (WTI) soared this Monday by 6.28%, to $71.23 a barrel, in the first session after the United States and Israel's offensive against Iran began on Saturday, which threatens global crude supply. At the end of the trading day on the New York Mercantile Exchange, WTI futures contracts for April delivery added $4.21 compared to Friday's close. Analysts pointed today to the rapid escalation in the conflict after Iran retaliated, and especially to the risk for the Strait of Hormuz, through which about 15 million barrels of crude pass daily. Precisely, after the close of the session, the general of the Iranian Revolutionary Guard, Ebrahim Yabari, warned that they will set fire to any ship that tries to cross that strait through which 20 percent of the world's crude passes. Immediately, in reaction to the declarations, Texas surged 8% in the continuous futures market and the price of the US barrel reached $72.50. The President of the United States, Donald Trump, assured this Monday that the operation against Iran, which is focused on the Persian country's nuclear weapons, will last as long as necessary, and raised the possibility that it could last more than five weeks. The scope and duration of the so-called Operation 'Epic Fury' launched on Saturday against Iran is uncertain after Israel and the US managed to assassinate the supreme leader of the Islamic republic, Ayatollah Ali Khamenei, in power since 1989. Yesterday, Sunday, the OPEC+ oil alliance, led by Saudi Arabia and Russia, announced a production increase of 206,000 barrels per day 'in view of stable prospects and low oil reserves', without mentioning the war with Iran. Rystad analyst Jorge León pointed out in a note that the increase 'will probably not calm the markets in the immediate period', especially if transport flows in the region are limited. If you want to receive this and other information on your mobile, download Telegram, enter the link https://t.me/albertorodnews and click on +Join.