The barrel price of Brent oil, which rose to $84.33 yesterday, completed the day at $80.37.
The barrel price of Brent oil increased by approximately 2.79 percent compared to the closing time at 09.40 today, reaching 82.61 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $75.69 per barrel.
Oil prices maintain their upward trend as the escalating conflicts in the Middle East increase supply concerns regarding shipments through the Strait of Hormuz and disrupt production and exports in the region.
Following the attacks launched by the USA and Israel against Iran on February 28, while negotiations were continuing between Tehran and Washington, Brigadier General Ibrahim Cebbari, Advisor to the General Commander of the Iranian Revolutionary Guards Army, announced in his statement on the night of March 2 that ship passage would not be allowed through the Strait of Hormuz, and ships trying to pass would be targeted.
This statement regarding the Strait of Hormuz, where approximately one quarter of global oil trade takes place, increased concerns about global energy supply and led to sharp price movements in the markets.
The Iraqi Ministry of Oil announced yesterday that it decided to stop oil production in the Rumeyla field in Basra after Iran closed the Strait of Hormuz.
On the other hand, US President Donald Trump announced yesterday that he has ordered the provision of political risk insurance and guarantee at a very reasonable price for the financial security of all maritime trade passing through the Gulf, especially energy, and that, if necessary, the US navy will begin to escort tankers passing through the Strait of Hormuz.
Concerns that conflicts in the Middle East may negatively affect global trade and increase inflationary pressures are also in the focus of the markets.
Experts state that the rise in energy prices may fuel inflation and further complicate the policy decisions of the US Federal Reserve (Fed), which is cautious about price increases resulting from tariffs.
Minneapolis Fed President Neel Kashkari stated that it is too early to evaluate the impact of the conflict in the Middle East on inflation, while New York Fed President John Williams stated that additional interest rate cuts may be on the agenda if inflation slows down.
It is stated that technically, in Brent oil, $ 84.63 can be watched as resistance and $ 62.37 can be watched as support.
