At 8:40 am (Brasilia time) this Monday (16), the April contract of oil WTI recorded a sharp drop of 1.58% in New York Mercantile Exchange (Nymex), quoted at US$ 97.15/barrel.
On the other hand, the May due date for the Brent It was advancing 0.22% in Intercontinental Exchange (ICE), trading at US$103.37/barrel.
In the last trading session (13), the energy commodity advanced 3.11% on the Nymex, to US$ 98.71/barrel, and 2.67% on the ICE, to US$ 103.14/barrel. For the week, the fuel accumulated gains of 8.59% and 11.2%, respectively.
Fuel prices were supported by the ongoing conflict between the United States and Israel against Iran, which has impacted oil production and logistics in the Middle East region, particularly in the Persian Gulf. According to Reuters, citing two sources close to the matter, oil loading operations were suspended at the port of Fujairah in the United Arab Emirates after a drone attack caused a fire in the industrial zone. The terminal is responsible for handling approximately 1 million barrels per day (bpd). On the other hand, prices did not extend gains after US President Donald Trump stated that he was demanding that other countries help protect the Strait of Hormuz to prevent a logistical crisis. Furthermore, the president also stated that the country is in contact with Iran, but is unsure if the Tehran administration wants to negotiate an end to the conflict. US Energy Secretary Chris Wright stated yesterday (15) that he expected the war to end “in the coming weeks”.
This text was translated by machine from Brazilian Portuguese.