Oil prices rise through US sanctions on Iran

• Brent slipped below $71 a barrel, while futures on the front-month contract rose slightly to $70.82.
• Iran has not proven any technical violations in Dosie, and, according to the posting of the relevant canal, the monitoring will be carried out as part of the monitoring of the relevant canal.
• Market participants also cite the possibility of a further rise in prices due to the continuation of the conflict in the Middle East.

Oil prices were driven higher by the start of the US–Iran conflict, but the market remained cautious about the next steps as the situation develops.

On Thursday, Brent climbed by more than 1% to trade below $71 a barrel, reversing the previous day’s losses. Brent’s front-month contract was up $70.82 at 04:30 GMT.

After that, Brent’s rise was more than 38% from the previous low, reaching $126 a barrel, with a 30-knot increase. The stabilization of prices was attributed to Qatar’s statement, which followed the previous day’s remarks by the US on the need to maintain the current level of oil production.

As the market expected, the US imposed new sanctions on Iran, which led to a sharp rise in oil prices. Donald Trump said that the sanctions would help strengthen the US economy and prevent further escalation of the conflict.

Meanwhile, the number of ships in the Mediterranean has increased by 60 days. The increase in ship traffic is explained by the fact that the vessels are avoiding the conflict zone in the Persian Gulf.

One of the key factors is financial market expectations: Iran’s oil exports could be affected by sanctions, which could lead to higher prices. However, market participants note that the situation remains uncertain.

In addition, the US continues to monitor the situation in the Strait of Hormuz and the Persian Gulf. Iran has warned that it is ready to respond to any threats to its oil exports. However, the situation remains tense.

Meanwhile, tanker traffic in the Persian Gulf remains active. According to MarineTraffic, more than 49 vessels were sailing through the area, with the number of ships increasing over the past week.

For this reason, the maritime traffic in the Persian Gulf has also increased significantly. After the start of the US–Iran conflict, the number of ships in the area rose by 17 vessels on April 17, with the majority of them heading toward the Strait of Hormuz.

At the same time, some vessels are rerouting due to the risk of sanctions and possible conflict escalation. Overall, the situation remains unstable, and market participants are watching developments closely.

Tags: Economy/Energy/Middle East