The May contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Friday (17) with a significant drop of 11.45%, quoted at US$ 83.85/barrel. The June contract for the Brent fell 9.07% in Intercontinental Exchange (ICE)Brazilian crude oil is trading at US$90.38/barrel. In this trading session, prices were pressured by Iran's decision to reopen the Strait of Hormuz to commercial shipping during the ceasefire period agreed with the United States. This measure significantly reduced fears of disruption to the global oil supply, as the route is responsible for approximately 20% of the world's oil flow. Negotiations between the US and Iran have progressed in recent days, with reports of a possible memorandum of understanding to end the conflict. President Donald Trump stated that the US should act gradually to recover Iranian enriched uranium, indicating progress in the talks. Furthermore, Lebanon and Israel agreed to a 10-day ceasefire, contributing to a more stable environment in the region. Despite the reopening of the strait, the market remains attentive to the normalization of logistical operations, which still depend on the full resumption of maritime traffic. The expectation is that the recovery of the global oil flow will occur gradually, which may maintain price volatility in the short term.
This text was translated by machine from Brazilian Portuguese.