A barrel of Brent oil is sold for $107.41 in international futures markets.
The barrel price of Brent oil, which rose to $107.13 yesterday, completed the day at $105.72.
The forward barrel price of Brent oil increased by 1.6 percent compared to the closing date at 09.44 today, reaching 107.41 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $103.19 per barrel.
The rise in oil prices was influenced by the news flow about US President Donald Trump’s possible resumption of attacks on Iran after his visit to China.
Speaking to the US-based Axios news platform, the unnamed Israeli official stated that if Trump decides to restart attacks on Iran, this will be done in coordination with the Israeli army.
The Israeli official suggested that Trump could make the decision over the weekend and that the Israeli administration and army would be on high alert.
It has also been claimed that Trump, who is expected to make a decision regarding Iran after his visit to China, has two options: a new attack or restarting the “Freedom Project” to remove commercial ships stuck in the Strait of Hormuz.
The ongoing tension, especially around the Strait of Hormuz, increases the upward pressure on oil prices by strengthening concerns in the markets that supply disruptions may last for a long time.
US Central Command Commander Admiral Brad Cooper stated that Iran’s military capabilities have been significantly weakened as a result of US and Israeli air strikes, but Tehran continues to maintain control of the Strait of Hormuz.
Cooper spoke with US Africa Command (AFRICOM) Commander General Dagvin Anderson at the session titled “The conflict with Iran and military readiness in Africa” organized by the Senate Armed Services Committee.
In his opening remarks at the session, Cooper said, “Iran’s ability to shut down trade through the straits has been significantly reduced, but their voices are very loud and these threats are clearly heard by the business sector and the insurance industry.” he commented.
While the messages from the meeting of the leaders of the world’s largest economies were closely watched, Chinese President Xi stated that the two countries should be partners, not rivals.
Regarding Iran, the White House announced that US President Trump and Chinese President Xi agreed that the Strait of Hormuz should remain open and “Iran should never have nuclear weapons.”
Trump stated in his interview with Fox News that Xi said he was ready to help with the deal with Iran and the opening of the Strait of Hormuz. This statement by Trump was among the factors that supported the markets yesterday.
Additionally, Trump announced that Xi agreed to purchase 200 planes from American aircraft manufacturer Boeing.
US Treasury Secretary Scott Bessent also stated that China has more interest than the US in opening the Strait of Hormuz, where ship traffic was disrupted due to the war that started with his country’s attacks on Iran together with Israel, and that he believes that they will support Washington.
It is stated that in Brent oil, technically $ 107.78 can be watched as resistance and $ 106.90 can be watched as support zone.
