Oil: the rally continues, with Brent above $96; gas prices are also rising
WTI at $89. Oil tanker strikes mine in the Strait of Hormuz
(Il Sole 24 Ore Radiocor) - Oil prices continue to rise, driven by ongoing uncertainty in the Middle East. Yesterday, US President Donald Trump stated that ‘we don’t need a deal with Iran. Those days are long gone. We have their money – hundreds of billions of dollars – and we have their Strait!’. The tycoon also asked Vice-President JD Vance to focus on domestic issues rather than negotiations with Tehran, dampening expectations regarding the ongoing confidential talks and reducing the chances of a diplomatic solution to the conflict. Added to this is the announcement by the Iranian Revolutionary Guard Corps Navy that an oil tanker carrying liquefied natural gas (LNG) struck a naval mine and suffered an explosion in the Strait of Hormuz, whilst travelling along what the Iranian authorities described as an ‘unauthorised and dangerous route’. As a result, Brent crude is up 0.7 per cent at $96.55 per barrel and WTI at $88.92 (+0.20 per cent). Gas prices are also rising sharply, with Amsterdam seeing a 4.6 per cent jump to 96.5 euros per megawatt-hour.
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