The June contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Tuesday (28) with a significant increase of 3.69%, quoted at US$ 99.93/barrel. The July contract for the Brent advanced 2.79% in Intercontinental Exchange (ICE)The price of crude oil, trading at US$111.26/barrel, was again driven by the persistent diplomatic impasse in the Middle East, which keeps the Strait of Hormuz virtually paralyzed. The region is responsible for about 20% of the global flow of oil and liquefied natural gas, and the blockade, coupled with restrictions imposed by the US on Iranian ports, continues to pressure global supply. According to official sources, President Donald Trump expressed dissatisfaction with the proposal presented by Iran to end the conflict. On the Iranian side, authorities indicated that the country is avoiding discussing its nuclear program until hostilities end and maritime disputes in the region are resolved. On the other hand, gains were tempered by news that the United Arab Emirates is considering leaving the region. Organization of the Petroleum Exporting Countries (OPEC) and the expanded alliance OPEC+.
According to local authorities, the decision is part of a strategic review of energy policy, aimed at expanding production without the restrictions imposed by the quotas of the group, led by Saudi Arabia. On the radar, the Energy Information Administration (EIA) tomorrow (29) will release the results of the weekly inventories of oil and derivatives in the USA.
This text was translated by machine from Brazilian Portuguese.