Oil closes higher after renewed escalation of conflict in the Middle East.

The May contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) The contract ended this Thursday (19) stable with an upward bias of (+0.09%) quoted at US$ 95.55/barrel. The expiry of the same month for the Brent advanced 1.18% in Intercontinental Exchange (ICE), trading at US$108.65/barrel. 

In this trading session, fuel prices were driven up by recent developments in the conflict in Middle EastThe Iran attacked important energy facilities in countries in the region of Persian Gulf, in response to the offensive against its gas field in South Pars. 

However, progress was limited after allied countries condemned the Iranian actions. States United, with the appeal for the full reopening of Strait of HormuzFurthermore, the nations also pledged to support the energy market, including increasing oil production. 

The US Treasury Secretary, Scott BessentHe stated that the Trump administration may hold another [event]. release of emergency oil reserves to prevent a sharp escalation in fuel prices.

Meanwhile, the Saudi Arabia announced that it had managed to increase oil shipments through Red SeaThe country changed its export route due to the logistical bottleneck caused by the closure of the Strait of Hormuz. 

This text was translated by machine from Brazilian Portuguese.