Brent Closes Flat at $81.40 Amidst Iran War Concerns
Brent crude closed at $81.40 on Wednesday, the same price as the previous day, as the market remains focused on the US and Israel's war with Iran and its potential impact on crude supply in the region. The North Sea crude, a benchmark for Europe, remained unchanged from Tuesday's close, though it dipped near $80 during the session.
TL;DR
- Brent crude closed at $81.40, remaining unchanged from the previous day.
- The market is monitoring the US and Israel's war with Iran and its potential impact on crude supply.
- US President Trump announced political risk insurance for shipping companies crossing the Strait of Hormuz.
- The White House stated the US Navy would escort tankers in Hormuz 'when necessary,' raising concerns.
- Economists predict oil prices could rise to $100-$150 per barrel if the Strait of Hormuz is severely disrupted for an extended period.