Oil Prices Rise Again Following Trump's Ultimatum
Oil prices rebounded during Tuesday's trading session after posting a sharp decline the previous day. The Brent crude contract for October delivery rose 1.3% to US$84.84 per barrel, while the WTI contract for September delivery gained 0.95% to reach US$81.10 per barrel.
The rise occurred after U.S. President Donald Trump described the latest diplomatic offer as a "last chance" for Iran. Trump is calling for the immediate, full reopening of the Strait of Hormuz to restore the normal flow of global oil and gas.
However, Iran has denied engaging in direct negotiations with Washington. Tehran has only acknowledged progress in talks with Oman aimed at increasing the number of vessels that can safely transit the Strait of Hormuz.
Security risks remain elevated following reports that a cargo ship near Oman was struck by an unidentified projectile. The Strait of Hormuz historically handles about one-fifth of the world's oil and liquefied natural gas (LNG) supplies, yet shipping flows currently remain severely restricted.
Supply threats are also emerging from the Black Sea region. Attacks on Russian refineries, tankers, and pipelines intensified throughout July, while shipowners have become increasingly cautious about loading operations at key export terminals for Kazakh oil.
Newsmaker Analysis: Oil prices remain poised for high volatility. Diplomatic progress could exert downward pressure on prices, but Trump's ultimatum, Iran's denials, and attacks on vessels are keeping risk premiums high. WTI needs to hold the US$80 level, while Brent has the potential to retest the US$85 mark. (asd)*
Source: Newsmaker.id
