The US-Iran conflict resurfaces, leading to a slight rebound in oil prices
- On Monday, oil prices rebounded slightly after the U.S. and Iran launched retaliatory strikes against each other over the weekend, highlighting the fragility of the temporary peace agreement and causing another slowdown in energy shipments through the Strait of Hormuz.
- September Brent crude oil futures are currently trading at $73.35 per barrel, up 1.02% from last Friday’s settlement price; WTI crude is at $70.12, up about 1.3% from last Friday’s settlement.
- Last week, Brent crude fell by 10.6% as shipments through the Strait briefly recovered to their highest level since the conflict began. However, after another vessel attack last Thursday, retaliatory actions between the U.S. and Iran have once again slowed shipping traffic.
- Analysts point out that the market may re-evaluate expectations for a swift recovery of oil supplies from the Persian Gulf. Although the U.S. and Iran have agreed to cease hostilities and resume negotiations in Qatar, physical oil flows remain constrained by tanker backlogs and damaged infrastructure, and supply may not approach pre-conflict levels until the end of the year.
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