16:00 – Iran’s Ministry of Foreign Affairs announced that the Strait of Hormuz has been opened to all ships! Iran announced that it made the decision after the ceasefire in Lebanon!
The Strait of Hormuz is opened to all commercial ships. This means returning the global oil flow to normal. Oil prices fell from 98 dollars to 90 dollars after the news! There was a decrease of more than 9 percent.
A barrel of Brent oil is traded at $98.40 in international futures markets.
The barrel price of Brent oil, which rose to $99.80 yesterday, completed the day at $99.39.
The forward barrel price of Brent oil decreased by approximately 1 percent compared to the closing date at 09.21 today, reaching 98.40 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $93.41 per barrel.
Oil prices fell as US President Donald Trump’s statements indicating that a deal with Iran was close eased concerns about supply disruption.
In his statement to the press yesterday, Trump stated that negotiations with Iranian officials could start again at the weekend and said, “We are very close to making a deal with Iran.” he said.
Stating that progress has been made in contacts with Tehran, Trump said that the agreement will also include Iran not having nuclear weapons.
These statements reduced oil prices by reducing the risk of a possible supply disruption from Iran.
On the other hand, Trump’s continued “threatening” messages towards Tehran restricted the downward movement of prices.
“If there is no agreement, the war will continue.” Trump said, arguing that the new Iranian leaders are different from the previous ones and more inclined to reach an agreement.
While Trump avoided making a clear statement about whether the ceasefire with Iran would continue or not, he said, “I’m not sure it should be extended. Iran wants to make an agreement and we have very good talks with them. Moreover, they are ready to do things today that they were not willing to do 2 months ago.” he said.
Addressing the issue of the blockade of the Strait of Hormuz, the US President stated that they blocked the Strait and that the relevant countries could use it soon.
Trump stated that the strait will be completely opened with the agreement with Iran and said, “In this way, we will have free oil and the Strait of Hormuz. Everything will be fine and I think oil prices will drop even more than before.” made his assessment.
It is stated that technically $ 98.46 can be watched as resistance and $ 97.83 as support zone for Brent oil.
