- Oil prices rose sharply on Thursday due to concerns about the escalation of the conflict.
- Brent North Sea crude rose to $109.3 per barrel in June.
- US light oil WTI jumped to $111.54 per barrel in May.
Oil prices rose sharply on Thursday (April 2). The reason for this was the concern about the further escalation of the conflict in the Middle East and the long-term disruption of oil supplies from the region after US President Donald Trump declared that the US would continue to attack Iran.
The price of Brent North Sea crude for June delivery closed Thursday’s trading at $109.3 (94.84 euros) per barrel (159 liters). This represents an increase of $7.87 (7.78%) from the previous day. US WTI light oil for the May contract rose by USD 11.42 (11.41%) to USD 111.54 per barrel.
Trump declared that the US will intensify operations against Iran, while not specifying a timetable for their possible end. Nor did he provide any details on steps that could lead to the reopening of the Strait of Hormuz. Iran effectively closed the waterway through which roughly a fifth of the world’s oil supplies passed before the war. Trump noted that the US does not need oil that passes through the strait. At the same time, he called on countries that depend on oil from the Middle East to take the initiative and ensure its reopening.
