World oil prices rose after US and Iran strikes: how much does fuel cost
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Oil prices rose more than 2% on Monday, August 31, after the US and Iran exchanged blows, pushing Brent crude futures above $90 a barrel.
This is reported by Reuters .
Brent crude futures rose $2.21, or 2.51%, to $90.31 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.83, or 2.19%, to $85.23 a barrel. Russian Urals crude was trading at $77.10 a barrel, up 0.72% from the previous session.
Michael Alfaro, chief investment officer of Gallo Partners, a hedge fund specializing in energy and industrials, said that the resumption of strikes on Iran again complicates free transit through the Strait of Hormuz and increases risks to oil supplies.
It is noted that negotiations to end the conflict between Washington and Tehran have reached a deadlock. At the same time, mediators are working to restore the transportation of energy resources through the Strait of Hormuz.
“We had previously hoped that we could return to negotiations on the US-Iran deal by the end of the third quarter, but that now seems less likely. Oil prices are expected to remain in the $85-$95 per barrel range unless there is more clarity on the situation in the Strait of Hormuz,” said Suvro Sarkar, head of energy research at DBS Bank.
Recall that on the evening of August 30 and the night of August 31 , the United States and Iran exchanged strikes for the first time in over a month . The American military attacked Iranian launchers near the Strait of Hormuz, after which Tehran announced strikes on two American air bases in Jordan.
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