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Oil Rises Amid US Blockade of Iranian Ports
Oil prices resumed their upward trend on Monday, though closing below $100, driven by the US blockade of Iranian ports, a day after talks between Washington and Tehran failed. AFP After reaching $103.87 during the day, the price of a barrel of North Sea Brent crude for June delivery rose 4.37% to $99.36. Its US equivalent, West Texas Intermediate crude for May delivery, gained 2.60% to $99.08. The US military announced on Sunday a blockade of ships entering or leaving Iranian ports and coastal areas starting at 14:00 GMT, without offering further details. Iran considered it an "illegal" act of "piracy" and warned it would attack its Gulf neighbors' ports if the security of its ports was threatened. "As most ships are already blocked, the measure will mainly affect Iranian oil exports, which had largely been maintained" during the war that began on February 28, explained Arne Lohmann Rasmussen, an analyst at Global Risk Management. Crude prices moderated their rise after US President Donald Trump assured on Monday on his Truth Social platform that 34 ships had crossed the Strait of Hormuz the previous day, through which about a fifth of world oil normally transits. In parallel, the alliance of oil-exporting countries (OPEC) lowered its forecast for daily crude demand growth in the second quarter by 500,000 barrels, justifying it by the situation in the Middle East, according to its monthly report published on Monday. If you want to receive this and other information on your mobile phone, download Telegram, enter the link https://t.me/albertorodnews and click on +Join.
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