Brent crude was once again trading above the $90-per-barrel mark on global exchanges amid escalating tensions between the US and Iran.
On the ICE exchange in London on the morning of 20 July, a barrel of Brent for September delivery was priced at $90.8, up 2.8 per cent on the previous session’s close. This was the first time Brent crude had traded above the $90 per barrel mark since mid-June.
As of 11:00 Kyiv time, prices had fallen slightly but were still at $89 per barrel.
The rise in oil prices is linked to the ongoing conflict in the Middle East. Iran is attacking oil tankers in the Strait of Hormuz. The US states that, in response to the attacks on civilian vessels, it is carrying out strikes on Iran’s military infrastructure. Iran, in turn, is attempting to target US military facilities in neighbouring countries.
The United States is considering expanding military operations against Iran, sources told The Washington Post. According to these sources, plans for a large-scale operation are being discussed following the deaths of four American servicemen in Iranian strikes over the past week.