Due to the escalation of the U.S.-Iranian conflict and the U.S. announcement that it will resume its maritime blockade of Iran, international crude oil futures prices rose significantly on the morning of the 13th, closing with a gain of more than 9%, marking the largest single-day increase since May 2020. After the opening of a new trading day starting on the evening of the 13th, international oil prices continued to rise by more than 1%.
When the New York Mercantile Exchange closed on the 13th, light crude futures delivered in August rose $ 6.73 to $ 78.14 a barrel, up 9.42 percent; London Brent Crude futures delivered in September rose $ 7.29 to $ 83.30 a barrel, up 9.59 percent.
Dutch Commercial Bank analysts said the escalation of the conflict had reduced traffic in the Strait of Hormuz to a lower level, again raising concerns about third-quarter oil supply tensions.
The current trend in the energy market is not just a short-term technological rebound, but also a market revaluation of geopolitical risks, says Rania Gurey, a senior market analyst at XS Group, a global financial brokerage.