A barrel of Brent oil is traded at $87.92 in international futures markets.
The October delivery barrel price of Brent oil, which rose to $89.07 yesterday, finished the day at $87.07.
The barrel price of Brent oil increased by 0.98 percent compared to the closing time at 09.50 today, reaching 87.92 dollars.
At the same time, the barrel price of West Texas Intermediate (WTI) crude oil for September delivery was determined as 82.13 dollars.
Iran’s announcement that the Strait of Hormuz was closed and the news flow that the USA would increase economic pressure on Tehran were effective in the rise in oil prices.
Rear Admiral Ali Azmayi, Commander of the Naval Forces of the Iranian Revolutionary Guards Army, stated that the Strait of Hormuz was closed and that the mobility in the region was completely and decisively kept under control.
According to Iran’s official news agency IRNA, Azmayi said, “The Strait of Hormuz is closed. Our control over mobility is complete and determined. No movement in this strait goes unnoticed by members of the Revolutionary Guard Navy.” he said.
Referring to the statements of US officials, Azmayi said, “The truth should be seen on the ground, not in the declarations and statements of American officials.” he said.
US Treasury Secretary Scott Bessent said in the program he attended on the Newsmax channel, “Follow the other statements to be made next week. We will impose measures that have never been seen before in the history of economic isolation of a country.” he said.
Bessent stated that these measures will include increasing the economic pressure on Tehran.
US President Donald Trump stated that his country has “full control” over the Strait of Hormuz.
Arguing that the US blockade in the Strait of Hormuz is described by everyone as a “wall of steel” and that there is nothing Iran can do about it, Trump said, “They have no navy, no air force, their remaining soldiers cannot receive their salaries. The Revolutionary Guard Army has been decimated and they are running away. Their leadership is uncertain. They have no money. Their country is being hit.” he said.
On the other hand, the US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by approximately 17 million 400 thousand barrels last week, reaching 424 million 400 thousand barrels. Market expectation was that stocks would decrease by approximately 1 million 700 thousand barrels.
The increase in commercial crude oil stocks in the United States, the world’s largest oil consumer, above expectations limited the rise in prices, while the release from the country’s strategic oil reserves prevented supply concerns from completely disappearing.
According to EIA data, strategic oil reserves, which are not included in commercial crude oil stocks, decreased by 6 million 100 thousand barrels in the same period, falling to 298 million 700 thousand barrels.
It is stated that technically $ 88.16 can be watched as resistance and $ 87.32 as support zone for Brent oil.
