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- October 17, 202613°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,509+0.01%
- October 17, 202613°
US-Iran tensions send oil prices up 3.5%, pushing Brent above $101.20
Oil prices rose 3.5% on Wednesday, September 9, while the price of Brent crude climbed to $101.20 per barrel as of 15:30 Greenwich Mean Time. Concerns that tensions between the United States and Iran could disrupt energy shipments through the Strait of Hormuz supported prices.
Growing concerns over the impact of tensions between the United States and Iran on global energy supplies drove oil prices up 3.5% on Wednesday, September 9. The price of Brent crude, the international benchmark, climbed to $101.20 per barrel as of 15:30 Greenwich Mean Time.
Markets are closely monitoring the possibility of disruptions to oil shipments through the Strait of Hormuz. Rising risks in the region following new reciprocal attacks between the United States and Iran supported the increase in prices.
Tanker risks around the Strait of Hormuz
The Strait of Hormuz is one of the world's most important routes for oil transportation. A prolonged disruption to tanker traffic along this waterway could reduce global oil supplies and drive up energy prices.
After Iran fired ballistic missiles at two US Navy warships last weekend, the US military attacked three Iranian oil tankers.
Iran also warned the crews of vessels located near the ports of Kuwait and Bahrain to leave the ships. The warning heightened concerns over maritime security and regional oil shipments.
Energy infrastructure in Saudi Arabia also targeted
Attacks by the Iran-backed Houthis on energy infrastructure in southern Saudi Arabia intensified existing risks to oil supplies. The attacks included the Jizan oil refinery, which has a capacity of approximately 400,000 barrels per day.
Market participants are monitoring developments around the Strait of Hormuz, through which a significant share of crude oil and petroleum products is transported.
Chinese demand also supported prices
A recovery in demand from China also contributed to the rise in oil prices. Disruptions to shipments from the Gulf region prompted Chinese refineries to seek alternative crude supplies from producers in Africa, Canada and Latin America.
The shift toward more distant suppliers is expected to increase shipping costs and intensify competition for crude grades from outside the Middle East.
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