The May contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Monday (6) with a moderate increase of 0.77%, quoted at US$ 112.41/barrel. The June contract for the Brent advanced 0.68% in Intercontinental Exchange (ICE), trading at US$109.77/barrel.
In this trading session, fuel prices were driven up by the renewed escalation of threats from the president of… United States, Donald Trumpagainst Iran, reigniting market concerns about fuel supply.
Despite recent moves by both sides toward an agreement, Trump reiterated this afternoon that he may attack. Tehran overnight and defeat the country "in just one night".
While there are no clear signs of an end to the war, the market is reacting to the recent exchange of attacks between Iran and Israel, which directly impacted the energy production of the region of Persian Gulf.
Furthermore, Ukrainian drones long-range devices reached the Russia's main port on the Black Sea, which operated for oil shipments.
By limiting larger gains, the Organization of the Petroleum Exporting Countries and allies (OPEC+) announced, the day before (5), that it had decided to expand fuel production by 206 thousand barrels per day (bpd) in May, with the aim of mitigating the impacts of the lack of supply amidst the logistical crisis caused by the closure of Strait of Hormuz.
This text was translated by machine from Brazilian Portuguese.