Oil closed up more than 4% this Friday, the 17th, as attacks between States and Iran in the Persian Gulf continue and the Strait of Hormuz remains closed. Kuwait accused Tehran of attacking a power and water desalination plant, which also raised tensions in the Middle East.
Oil closes up more than 4% as tensions in the Middle East escalate again
Oil closed up more than 4% this Friday, the 17th, as attacks between States and Iran in the Persian Gulf continue and the Strait of Hormuz remains closed. Kuwait accused Tehran of attacking a power and water...
Traded on the New York Mercantile Exchange (Nymex), WTI oil for September closed up 4.47% (US$3.50), at US$81.78 per barrel. Brent oil for September, traded on London's Intercontinental Exchange (ICE), closed up 4.59% (US$3.87), at US$88.10 per barrel. During the week, WTI accumulated an increase of 3.58% and Brent rose 4.59%
According to the Kuwaiti government, Iran's bombing hit a power generation and water desalination station, causing a fire and damage to electrical production units. Kuwait said the attacks represented a serious violation of international law, the United Nations Charter and a UN Security Council resolution.
On the other hand, US Central Command (Centcom) reported that American forces yesterday destroyed the surveillance tower at the Port of Chah Bahar Shahid Kalantari, part of a maritime surveillance network along the Iranian coast of the Gulf of Oman, used for decades by the Iranian Islamic Revolutionary Guard Corps (IRGC).
For Capital Economics, the escalation of the war reinforces the view that the recovery of oil flows would be irregular and marked by outbreaks of tension. "Recent events have significantly increased the chances of a more adverse scenario, in which oil flows are restricted for another prolonged period", highlights the consultancy.
According to Axios, the Trump administration has notified Israel that it is sending dozens of additional refueling planes to the country ahead of a potential expansion of military operations against Iran.
Iran's Islamic Revolutionary Guard Corps (IRGC) warned that as long as the United States continues attacks on Iranian targets, there will be no oil and gas exports from the region and added that full control of the Strait of Hormuz remains in Tehran's hands.
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Source: Noticias ao Minuto - Ultima Hora
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