As tensions escalate between the United States and Iran, international oil prices continue to surge.
According to Reuters, as of 6:02 PM Eastern Time on July 19, the price of September Brent crude futures rose by 3.12% to $90.85 per barrel. This marks the first time Brent crude has surpassed $90 since June 11.
At the same time, August West Texas Intermediate (WTI) crude futures also increased by 3.10%, reaching $85.05 per barrel.
The rise in oil prices is attributed to concerns over potential disruptions in oil supply due to the intensifying conflict between the U.S. and Iran. The U.S. has been conducting airstrikes against Iran, while Iran has retaliated with attacks targeting U.S. military forces and allied nations in the Middle East. As a result, a ceasefire agreement reached last month has effectively collapsed.
Market analysts warn that if the conflict continues, disruptions in oil transport through the Strait of Hormuz could lead to further increases in international oil prices. Rising oil prices may also contribute to higher raw material and transportation costs, potentially exacerbating global inflationary pressures.
* This article has been translated by AI.
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