Oil Rises on Risk of Iran Strengthening, US "Freeze" Effect Lurking
Oil prices edged higher amidst a mixed market: a weaker US dollar made the commodity feel cheaper for global buyers, but traders' attention was also held by reports of improving supply.
From a geopolitical perspective, sentiment was further fueled by Trump's renewed mention of a "large fleet" of US troops heading to the Middle East regarding Iran. The market interpreted this as a potential additional risk premium, although no further action was taken.
In the US, freezing weather briefly disrupted some Gulf Coast refinery operations and reduced domestic production. However, many market participants believe the impact is more of a short-term disruption—once conditions return to normal, this pressure could quickly subside.
Meanwhile, supply concerns from Kazakhstan are starting to ease. A key export terminal in the Black Sea is said to be returning to normal, and preparations are underway to restore production at the giant Tengiz field, factors likely to restrain further price increases.
The market is also awaiting signals from OPEC+ later this week. The big expectation is that production quotas will be maintained, as so far there has been no urgency to address the issues in Venezuela or Iran with regard to production policy.
Latest prices (current):
WTI (Mar): $61.46/barrel, up about +1.37% from the previous close ($60.63). Brent: around $65.56/barrel, up about +1.22%.(alg)
Source: Newsmaker.id
