A barrel of Brent oil is traded at $93.35 in international futures markets.
The barrel price of Brent oil, which rose to $93.69 yesterday, finished the day at $93.10.
The forward barrel price of Brent oil increased by approximately 0.28 percent compared to the closing date at 09.30 today, reaching 93.35 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $90.47 per barrel.
Oil prices have entered an upward trend due to concerns that the US and Iranian elements may return to a climate of conflict and that the parties may become harsher in the new phase of the war.
US Central Command (CENTCOM) announced that many military targets in Iran were hit yesterday and that the attacks were carried out within the scope of “self-defense” after a US helicopter was shot down in the Strait of Hormuz. CENTCOM reported that the last wave of attacks against Iran was completed. US President Donald Trump stated that if there is no agreement, attacks against Iran will continue “severely”.
Iran, on the other hand, carried out attacks targeting some US military bases and US allies in the Gulf region. It was reported that explosions were heard in Kuwait, Bahrain and Jordan. While the Tehran administration also claimed that it had stopped all ship traffic in the Strait of Hormuz, CENTCOM denied this claim.
As oil prices rose with increasing tension, concerns about its effects on inflation also increased. In his statement, Trump stated that he was satisfied with the rise in inflation and argued that the USA secretly facilitated the oil flow through the Strait of Hormuz and that a total of 100 million barrels of crude oil were shipped this way.
Within the scope of the escalating tension in the region in the last 2 weeks, the USA and Iran have carried out mutual attacks from time to time. Israel and Iran carried out mutual attacks due to Israel’s attacks on Lebanon and Hezbollah.
The Israeli army warned that missiles and rockets were fired from Lebanon early today.
The escalating conflicts have further weakened the prospects for a possible peace agreement between the United States and Iran at a time when disputes over Tehran’s nuclear program and control over the Strait of Hormuz continue.
US Energy Information Administration data was also effective in the rise in prices. Commercial crude oil stocks in the country decreased by 7.2 million barrels in the week ending June 5, falling to 426.5 million barrels. Market expectation was that stocks would decrease by approximately 3 million barrels.
It is stated that technically $ 94.02 can be watched as resistance and $ 92.77 as support zone for Brent oil.
