Oil now

On Thursday, the main oil brands rose sharply in price on the data on the attack of two oil tankers in the Gulf of Oman. Since the beginning of the day, Saudi Arabia has reported another incident near the port of Fujairah in the UAE. This caused a significant exacerbation of tension in the region, against the background of which there was a rapid increase in oil prices. Since the aggravation of the armed conflict in the Gulf of Oman can significantly complicate the transportation of oil from the Persian Gulf.

Against the background of the exacerbation of risks of supply disruptions, the oil market retreated from multi-month lows, but remains under pressure from lower demand and a general downward trend. In the context of exacerbation of military tension, the attention of the oil market will be shifted to the risks of military conflict in the Middle East, which will increase the cost of oil.

Look Technical Analysis.

Brent crude is traded at around $ 62.00, an increase of about + 3.40% in price.

WTI crude oil is traded in the region of $ 52.70, an increase of about + 3.00% in price.

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Dani Leviant

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