A barrel of Brent oil is traded at $72.75 in international futures markets.
The forward barrel price of Brent oil, which rose to $72.61 yesterday, completed the day at $71.99.
The barrel price of Brent oil increased by approximately 1.06 percent compared to the closing time at 09.30 today, reaching 72.75 dollars. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was sold at $69.22.
Concerns that the climate of reconciliation in the Middle East could be disrupted as a result of targeting commercial ships in the Strait of Hormuz were effective in the rise in oil prices.
The winds of peace blowing in the region with the memorandum of understanding signed between the USA and Iran on June 18 were reversed when commercial ships passing through the Bosphorus were targeted.
Axios news site, headquartered in the USA, reported that Iran fired at least two missiles at commercial ships passing through the strait and that retaliation by the USA was possible.
These developments brought to the fore the fragility of the peace talks in the Middle East.
On the other hand, the expectation that the production increase of the OPEC+ group, consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will increase global supply, limited the increase in prices. The OPEC+ group decided to increase its daily production target by 188 thousand barrels starting from August at its meeting on Sunday.
In the statement made by OPEC, it was reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held an online meeting to evaluate global market conditions and outlook.
At the meeting, it was noted that the countries in question decided to increase their production by 188 thousand barrels per day as of August, within the scope of their joint commitment to support stability in the oil market and the 1.65 million barrels per day cuts announced in April 2023.
While the increase in oil prices triggered inflation risks, no significant change was observed in the pricing in the money markets regarding the interest rate paths of central banks. The possibility that the Fed may raise interest rates once before the end of the year remains strong in the markets.
Analysts noted that investors may find more clues about the steps the bank will take in the coming period in the meeting minutes of the US Federal Reserve (Fed) to be published tomorrow.
While all eyes in the markets are on the July 2026 Short-Term Energy Outlook report of the US Energy Information Administration (EIA), investors continue to monitor the shipping conditions in the Strait of Hormuz and how quickly the OPEC + production increase will be reflected in the global oil market.
It is stated that technically $ 72.33 can be watched as support and $ 72.97 as resistance zone in Brent oil.
