Oil exceeds US$90 for the first time in the month with uncertainty regarding the release of Hormuz

The price of oil rose this Tuesday (11), driven by a new climate of unrest in the market, which contemplates an extension of the blockade of the Strait of Hormuz in the face of irreconcilable demands between Iran and the USA.

The Brent barrel, a global reference, reached over US$ 90 at the day's high, quoted at US$ 90.03, around 6 am (Brasília time), with an increase of 2.63%. After that, the price began to decrease and closed the day at US$89.30, an increase of 1.80%.

It is the first time that the price of oil has exceeded US$90 in a month. The last time this happened was on July 31, when Brent reached US$90.80.

WTI (West Texas Intermediate) oil, used in the USA, was traded at US$83.54 at closing, an increase of 1.72% compared to the previous day.

Oil started the week with a strong rise on Monday, driven by the conditions imposed by Tehran to reopen the Strait of Hormuz, through which 20% of the world's oil and gas production passed.

US President Donald Trump stated that Iran would be asking for compensation for the damage caused by the conflict and that he would also demand this payment. The Iranians continued to reject the existence of direct negotiations with the Americans and stated that the talks are carried out through intermediaries.

This Tuesday, Iranian Foreign Minister Abbas Araqchi met with Pakistani Interior Minister Mohsin Naqvi in Tehran, but the Iranian regime did not release any further details.

Pakistan, which is one of the mediators alongside Oman and Qatar, said a peace agreement was close. "Signs from the last two or three days indicate that we are close to some kind of agreement," Pakistani Defense Minister Khawaja Asif said in an interview with Bloomberg News. Qatar also expressed optimism about the possibility of an agreement.

Despite preliminary signs of progress in diplomacy, there were reports of new attacks on shipping in the Gulf of Oman and the Red Sea, highlighting the growing threat to maritime commerce. Six crew members were killed in a suspected attack by Yemen's Iran-allied Houthis on a small cargo ship in the Bab el-Mandeb Strait, Yemen's Transport Ministry said. The Houthis did not claim responsibility for the attack.

A container ship was also hit by a missile off the coast of Pakistan, while sailing through the Gulf of Oman, in an alleged US attack, according to a report by the Reuters news agency.

The secretary of Iran's Supreme National Security Council, Mohsen Rezaei, reaffirmed that the Strait of Hormuz will remain closed as long as Iranian conditions are not accepted by the US.

The situation caused a new rise in oil. "The market began to show less optimism regarding the possibility of normalizing exports of energy products from the region", said Bruno Cordeiro, market intelligence analyst at StoneX.

"The combination of geopolitical tensions in the Middle East, risks to navigation in the Red Sea and interruptions in Russian energy infrastructure continues to support international prices of oil and oil products", added Cordeiro.

"The pattern repeats itself over and over again: initial enthusiasm when negotiations look promising and then optimism evaporates just as quickly when no progress is seen," said ING analysts.

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