Oil Prices Stable, Hormuz Remains Tense
Oil prices remained stable on Wednesday (July 15th), despite the United States launching another attack on Iran and reimposing a naval blockade near the Strait of Hormuz.
WTI for August delivery rose 26 cents to close at US$79.60 per barrel. Meanwhile, Brent for September delivery rose 22 cents to US$84.95 per barrel.
The U.S. Central Command (CENTCOM) announced it had carried out a new wave of attacks against Iran in a seven-hour operation. The attacks targeted dozens of military assets near the Strait of Hormuz and along Iran's coastal areas.
The operation involved fighter jets, drones, and naval vessels. Targets included missile and drone facilities, naval assets, and coastal defense systems believed to be used by Iran to threaten commercial shipping.
Tensions escalated after the U.S. reimposed a blockade on shipping to and from Iranian ports. CENTCOM also accused Iran of deliberately targeting civilians and attacking seven commercial vessels in the past week, resulting in the deaths, disappearances, or injuries of several crew members.
As for the market impact, oil prices have not yet risen sharply, but the risk of an increase remains significant. If the conflict persists for several weeks, oil could retest the US$100 per barrel area. The risk could be even greater if regional oil infrastructure is also targeted.
Source: Newsmaker.id
