BCGAME - Free 5BTC Daily Bonus!- Oil prices rise following Iranian attack on Israel.
- Tensions in the Middle East are driving up oil prices.
- Market reacts to risks in the Strait of Hormuz
Oil prices started the week sharply higher following increased tensions in the Middle East. The move came after Iran launched missiles against Israel, raising fears of a wider military escalation in the region and increasing concerns about potential impacts on global energy supply.
Brent crude, the international benchmark for the market, rose 2,42%, reaching US$92,73 per barrel in futures contracts for July. West Texas Intermediate (WTI) crude, the main benchmark in the United States, climbed 2,44%, reaching US$95,36 per barrel in contracts for August.
The market reaction occurred amid renewed clashes between the two countries. According to information released by the White House, the current President of the United States, Donald Trump, was briefed on the events after Israel was hit by an Iranian missile for the first time since the start of the ceasefire.
The incident increased doubts about the continuation of ongoing diplomatic negotiations. Trump commented on the matter during an interview with Fox News on Sunday, stating that the missile attacks... "They certainly won't help in the negotiations."
On the Iranian side, the tone also became more rigid. An official involved in the negotiations between Tehran and Washington told the press that "An agreement with President Trump is no longer viable at this stage.".
The statements reinforced the perception that the crisis could last longer than investors had expected. In addition to concerns about regional security, market participants are closely monitoring any risks involving strategic oil transportation routes.
In a post on the social network X, Mohammad Bagher Ghalibaf, president of the Iranian Parliament, accused the United States of promoting a naval blockade and violating agreements related to Lebanon. According to him, US bases and assets, as well as targets linked to the Lebanese government, have come to be considered... "legitimate targets".
While geopolitical tension pushes prices upward, OPEC+ announced a new increase in production targets. The group approved an increase of 188 barrels per day starting in July, marking the fourth supply adjustment since the closure of the Strait of Hormuz.
The measure aims to increase the availability of oil on the international market, although investors remain focused on developments in the conflict between Iran and Israel and the potential impacts on the global energy supply.
