Hormuz Threatened, Oil Seeks Relief
Oil prices rose again for the fourth consecutive day as the conflict in the Strait of Hormuz persists. The United States continues its attacks on Iran, claiming to secure shipping lanes in one of the world's most important energy hubs.
Brent crude traded around US$84 per barrel after surging 12% in the previous three sessions. Meanwhile, West Texas Intermediate (WTI) hovered near US$80 per barrel. This increase pushed oil to its highest level in about a month, after previously falling sharply by almost 30% in the second quarter.
Tensions escalated after the US launched fresh attacks on Iran on Wednesday, claiming to have disabled an empty oil tanker bound for an Iranian port. President Donald Trump also vowed to escalate attacks until Tehran stops attacking ships in the Strait of Hormuz and reopens the energy route.
Iran itself has shown no signs of backing down. The Iranian Revolutionary Guard Corps (IRGC) has stated that the Strait of Hormuz will remain closed until the US stops its attacks and blockade of Iranian ports. This situation has raised market concerns as Hormuz is a key shipping route for oil and LNG from the Gulf region.
Energy supply risks also come from Russia. Ukraine's near-daily attacks on Russian refineries and tankers are adding new pressure to the global oil market. This means the market is not only concerned about Hormuz, but also about supply disruptions from Russia, which could tighten global energy supplies.
As a result, oil prices have the potential to remain high as long as the Hormuz conflict remains unresolved. If shipping disruptions persist for several weeks, global inflationary pressures could rise again, prompting central banks to be more cautious about interest rates. However, if shipping traffic returns to normal and tensions ease, some of the risk premium on oil prices could begin to diminish. (asd)*
Source: Newsmaker.id
