The barrel price of Brent oil is traded at $103.90 in international futures markets.
The barrel price of Brent oil, which rose to $106.60 yesterday, completed the day at $100.21.
The barrel price of Brent oil increased by approximately 3.7 percent compared to the closing time at 09.34 today, reaching 103.90 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $96.58 per barrel.
The rise in prices was driven by concerns that the ongoing conflicts between the USA, Israel and Iran will not end in a short time and will cause supply disruptions and increase energy prices.
While crude oil prices recovered after falling approximately 5 percent on the previous trading day, news that some ships were passing through the Strait of Hormuz limited the rise in prices. However, the fact that passages in the Bosphorus remained limited and the sea route was largely closed pointed out that the risks on the supply side continued.
As the ongoing conflict between the USA, Israel and Iran entered its third week, it was observed that the tension between the parties remained high. Iran warned that it could target US-related sectors in the Middle East following last week’s attacks on Kharg Island, one of the country’s important export points.
US President Donald Trump called on at least seven countries, including China, over the weekend to restart trade in the Strait of Hormuz. However, some allied countries reported that they had no plans to send ships to the region, causing the uncertainty in the strait to continue.
While the developments in the Strait of Hormuz, where approximately 20 percent of the world’s oil supply is provided, are being closely monitored by the markets, it has been reported that some tankers flying the flags of India and Pakistan have passed through the strait, which Iran effectively closed at the beginning of the month. Iran had previously announced that it would allow ships belonging to some countries to pass, and that it would intervene in ships affiliated with the USA and its allies.
In addition, the effects of the increase in energy prices on inflation and the reflections of this situation on the monetary policies of global central banks are also on the agenda of the markets. This week, the meetings of the US Federal Reserve, the European Central Bank and the Bank of Japan will be in the focus of investors.
It is stated that technically, in Brent oil, $ 105.47 can be watched as resistance and $ 102.67 can be watched as support.
