Oil price increase due to Iran war moderates

The rise in oil prices due to the war in the Middle East moderated this Tuesday, although it hovers around 100 dollars, after several countries dismissed the United States' call to send ships to the Strait of Hormuz. AFP Iranian drone counterattacks against the Gulf monarchies sent crude prices soaring since February 28, when the United States and Israel launched bombings against Iran in which supreme leader Ali Khamenei died, replaced since then by his son. On Tuesday, prices climbed again by 5%, but by midday the rise was moderating. In afternoon trading, North Sea Brent, a benchmark for the global market, rose 1.8% to $102.04 a barrel. West Texas Intermediate (WTI) crude, a benchmark for the US market, rose 1.7% to $95.05 a barrel. "Oil prices are rising again" because "supply infrastructure is being attacked," estimates Kathleen Brooks, research director for the online trading site XTB. "Iran has intensified its attacks on regional energy infrastructure, while most countries have not yet supported President (US) Donald Trump's initiative to ensure the security of maritime transport in the Strait of Hormuz," summarizes Matt Britzman, an analyst at Hargreaves Lansdown. The International Energy Agency (IEA) agreed last week to release up to 400 million barrels of crude from its member countries' reserves. This helped calm investors, as did the passage of a Pakistani tanker through the Strait of Hormuz, the first non-Iranian ship to transit that route blocked by Iran. European stock markets closed higher again on Tuesday, with attention more focused on upcoming central bank decisions than on the Middle East conflict, awaiting a probable maintenance of interest rates unchanged. In this context, Paris rose 0.49%, Frankfurt 0.71%, London 0.83%, Milan 1.21%, and Madrid 0.92%. If you want to receive this and other information on your cell phone, download Telegram, enter the link https://t.me/albertorodnews and click on +Join.