Iranian retaliation and Hormuz closure drive oil prices higher

● Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Monday (13) that it had launched attacks against U.S. military bases in the Middle East in retaliation for the U.S. airstrikes carried out over the weekend.

● In addition, Tehran threatened to withdraw from the peace agreement reached with Washington in June if the commitments to end the conflict are not honored.

● On Sunday (12), Iran announced the “indefinite” closure of the Strait of Hormuz to commercial shipping.

● Although the USA disputes the closure, maritime traffic in the region remains largely paralyzed.

● Today, at 13:15 GMT, the September Brent crude contract is up 3.4% on the session, trading at US$73.87/bbl.

● According to DATAGRO estimates, domestic gasoline prices are 25.6% below import parity, while diesel prices remain 34.9% below the same benchmark.

● Jet fuel (Jet A-1), in turn, is priced 8.4% above import parity.