en.Wedoany.com Reported - Due to the escalation of tensions between the US and Iran and the US announcement of reinstating a naval blockade on Iran, international crude oil futures prices surged significantly in early trading on July 13, closing with gains of over 9%, marking the largest single-day increase since May 2020. After the start of a new trading session on the evening of July 13, international oil prices continued to rise by more than 1%.
At the close on July 13, light crude oil futures for August delivery on the New York Mercantile Exchange rose $6.73 to settle at $78.14 per barrel, an increase of 9.42%; London Brent crude oil futures for September delivery rose $7.29 to settle at $83.30 per barrel, an increase of 9.59%.
Shipping data shows that the number of oil tankers passing through the Strait of Hormuz over the past day has fallen to its lowest level in two months. Analysts at ING Bank stated that the escalation of the conflict has reduced traffic through the Strait of Hormuz to a low level, reigniting concerns about tight oil supply in the third quarter.
Rania Gule, senior market analyst at global financial brokerage XS Group, said that the current trend in the energy market is not just a short-term technical rebound, but a repricing of geopolitical risks by the market.
