Key Points
- WTI oil September-term contracts closed at 82.48 dollars a barrel, up 0.85 percent.
- Brent oil September-term contracts finished at 89.42 dollars a barrel, a 1.27 percent increase.
- US President Trump warned Iran of retaliation in response to the deaths of American soldiers.
- Iran announced receiving new proposals through mediators, while the Houthis declared a maritime blockade against Saudi Arabia.
By the Numbers
Oil prices closed higher after US President Donald Trump escalated his retaliation threats against Iran. September-term WTI crude oil traded on the New York Mercantile Exchange (Nymex) reached 82.48 dollars per barrel, gaining 0.85 percent.
September-term Brent crude oil traded on the Intercontinental Exchange (ICE) in London closed at 89.22 dollars, increasing by 1.27 percent. It was reported that the deaths of at least three American soldiers in recent clashes with Iran had a direct impact on the said price increase.
Although Brent crude oil rose above 91 dollars during the day, statements by Iranian Foreign Ministry Spokesperson Esmail Baghaei that new proposals were conveyed through mediators caused prices to slow down. In addition, the Houthis threatening Saudi Arabia with a maritime blockade and concerns regarding trade routes continue to increase regional tensions and uncertainty in the oil market.
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Frequently Asked Questions
- Why did oil prices record an increase?
- US President Donald Trump's hardening of retaliatory rhetoric against Iran tensions in the Middle East and the deaths of some American soldiers triggered the price increases.
- What was the development that pulled oil prices back during the day?
- The statement by the Iranian Foreign Ministry Spokesperson, announcing that new proposals were conveyed to their government through mediators, led to the pullback.
- What threat did the Houthis make in the region?
- Houthi forces in Yemen announced that they had launched an immediate maritime blockade against Saudi Arabia.
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