International oil prices continue to rise, driven by political instability in major oil-producing countries, showing slight growth.
The helicopter crash involving the Iranian president has caused concern in the market, while the cancellation of the Saudi Crown Prince's visit to Japan due to the king's health issues further increases market uncertainty.
According to data from Greenwich Mean Time 0240, Brent crude oil prices easily rose by 32 cents to reach $84.30 per barrel, a 0.4% increase, hitting a new high since May 10.
Meanwhile, US West Texas Intermediate (WTI) crude oil also rose by 5 cents to reach $80.11 per barrel, previously hitting a high of $80.23 per barrel, the strongest performance since May 1.
The incident of the helicopter carrying Iranian President Ibrahim Raisi crashing has attracted global attention.
As search teams found the wreckage of the helicopter, an Iranian official admitted that hopes for Raisi and Foreign Minister Hossein Amir Abdollahian to survive in harsh mountainous terrain are gradually fading.
Meanwhile, Saudi Crown Prince Mohammed bin Salman is also facing challenges as he had to cancel his planned trip to Japan due to the king's health issues.
It is reported that King Salman, 88, is undergoing treatment for lung inflammation, which undoubtedly exacerbates market anxiety.
The death of the Iranian president and the critical health condition of the Saudi king have sent the energy market on a roller coaster ride today.
Most further predict that once the WTI price breaks through the 200-day moving average of $80.02 per barrel, it is likely to soar all the way to $83.50 per barrel.
Brent crude oil also performed well last week, rising by about 1%, achieving the first single-week increase in three weeks.
WTI crude oil rose even more, up by 2%, benefiting from the recovery of economic indicators in the world's largest oil-consuming countries, the United States and China.
Although there is continuous turmoil in the Middle East, oil price fluctuations are not significant, and the market seems to be increasingly "immune" to such events.
Finally, the United States is also taking advantage of the opportunity.
At a time when oil prices are falling, Washington purchased 3.3 million barrels of oil at a price of $79.38 per barrel to replenish its strategic petroleum reserves.
Last week's signs of easing inflation in the United States have added momentum to market rate cut expectations, which undoubtedly makes other currency holders consider oil more "affordable."
These events and trends all demonstrate the sensitivity of international oil prices and the market's high attention to political and geopolitical risks.
Political turmoil often leads to oil price fluctuations, making the international energy market more uncertain. Investors need to closely monitor changes in various factors to make accurate decisions.
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