Oil prices rose more than $5 on April 2 as US President Donald Trump said his country would continue attacks on Iran without committing to a specific timeframe for ending the war, fueling investor fears of prolonged supply disruptions.
Points of attention
- The announcement of continued attacks on Iran by President Trump caused a sharp increase in oil prices, with Brent crude futures rising by 6.3%.
- The escalating conflict with Iran has raised concerns about the security of oil supplies, potentially leading to further price hikes in the market.
Trump's statements have raised oil prices again
Brent crude futures rose $6.33 (6.3%) to $107.49 per barrel by 04:07 GMT (06:07 Kyiv time).
Futures for US West Texas Intermediate (WTI) crude oil rose by $5.28 (5.3%) to $105.40 per barrel.
The price increase came after both brands earlier fell more than $1 ahead of Trump's televised address to the nation, ending the previous session lower.
Markets are reacting to the fact that the US president's speech "made no clear mention of a ceasefire or diplomatic negotiations," noted Phillip Nova senior market analyst Priyanka Sadcheva.
If tensions escalate or risks at sea increase, oil could reach new highs as markets price in potential supply disruptions.
Threats to maritime shipping are growing as the regional conflict intensifies. Qatar's Defense Ministry said on Wednesday that an Iranian cruise missile hit an oil tanker leased by QatarEnergy in the country's waters.
The head of the International Energy Agency also warned that supply disruptions will begin to affect Europe's economy as early as April.
Previously, the continent was protected by cargoes, the supply contracts for which were concluded before the war began, the material says.
"With no mention of a credible ceasefire plan or real ways out of the crisis, markets are forced to continue to accept the administration's statements," said Claudio Galimberti, chief economist at Rystad Energy.
More on the topic
- Category
- Politics
- Publication date
- Додати до обраного
