Svmuu News: Due to escalating tensions between the U.S. and Iran and the U.S. announcement that it would resume a naval blockade against Iran, international crude oil futures prices rose significantly during early trading on the 13th, closing with a gain of more than 9%—the largest single-day increase since May 2020. At the opening of the new trading day that began on the evening of the 13th, international oil prices continued to rise by more than 1%. At the close on the 13th, the price of light crude oil futures for August delivery on the New York Mercantile Exchange rose by $6.73 to close at $78.14 per barrel, a gain of 9.42%; Brent crude oil futures for September delivery on the London market rose by $7.29 to close at $83.30 per barrel, a gain of 9.59%.
Analysts at ABN AMRO noted that the escalation of the conflict has already reduced traffic through the Strait of Hormuz to low levels, reigniting concerns about tight oil supplies in the third quarter. Rania Gule, senior market analyst at global financial brokerage XS Group, said the current trend in the energy market is not merely a short-term technical rebound, but rather a repricing of geopolitical risks by the market. (Jin Shi)