A barrel of Brent oil is traded at $111.42 in international futures markets.
The barrel price of Brent oil, which rose to $109.75 on Friday, finished the day at $109.26.
The forward barrel price of Brent oil increased by 1.9 percent compared to the closing date at 09.33 today, reaching 111.42 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $103.37 per barrel.
The rise in prices is due to the ongoing conflicts in the Middle East increasing the risks to global energy supply. The possibility that tensions in the region may escalate again at any time is challenging pricing in the markets.
While the parties could not leave the negotiation table with a positive outcome within the scope of the ceasefire reached on April 8 in the ongoing war between the USA/Israel and Iran, new threatening statements coming from the parties every day reveal the fragile nature of the ceasefire process in question.
The United Arab Emirates Ministry of Defense reported that its air defense systems intercepted 3 unmanned aerial vehicles entering the country from the western border. According to the statement made on the ministry’s social media platform account of the US-based company
In his post on his social media account, US President Donald Trump warned that Iran should “take immediate and rapid action” regarding the opening of the Strait of Hormuz. Using harsh expressions towards Iran, Trump said, “The clock is ticking for Iran, they better take action immediately and quickly. Otherwise, there will be nothing left of them. Time is of critical importance.” he said.
The failure to maintain healthy tanker shipments through the Strait of Hormuz and rising insurance costs also increase concerns about global energy supply, supporting the upward movement in oil prices.
The negative effects of rising oil prices on the macroeconomic outlook are clearly felt in inflation data announced around the world. Ongoing price pressures cause expectations about central banks to shift to a more “hawkish” line. According to experts, the prolongation of the ongoing conflict with Iran may increase the risk of a permanent rise in oil prices, causing interest rates to remain at high levels for a longer time and deepening downside risks to the global growth outlook.
It is stated that technically $ 111.98 can be watched as resistance and $ 110.12 as support zone for Brent oil.
