Brent rises above $108 amid ongoing tensions

Brent crude surpasses $108 for seventh straight gain as US-Iran tensions stall and Strait of Hormuz concerns mount. | Contesto: cronaca

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• Brent rises above $108 amid ongoing tensions

Contesto

Oil prices continued their upward march on Thursday, with Brent crude rising above $108 a barrel as diplomatic efforts to defuse tensions between the United States and Iran remained deadlocked. The international benchmark reached approximately $108.68, marking its seventh consecutive session of gains and underscoring persistent fears over potential supply disruptions in a market already strained by limited shipments. US West Texas Intermediate crude also climbed, trading at around $96.96 a barrel, extending earlier increases as uncertainty surrounding the Strait of Hormuz — a vital chokepoint for global oil shipments — showed no signs of abating. The strait, through which roughly a fifth of the world's petroleum passes, has become a focal point of anxiety as both Washington and Tehran have signaled readiness to escalate their long-running confrontation. Analysts pointed to the absence of diplomatic progress as a key driver behind the sustained rally. Efforts to restart negotiations over Iran's nuclear program, which could lead to a relaxation of sanctions and increased oil exports, have made little headway in recent weeks. Meanwhile, limited tanker traffic and insurance complications have kept actual supply tight, reinforcing the upward price momentum. The seven-day streak has brought Brent to levels not seen since late 2022, reigniting concerns among importing nations about inflationary pressures and energy security. Higher crude costs typically translate into more expensive gasoline and heating oil, potentially slowing economic growth in regions already grappling with elevated borrowing costs. Geopolitical risk premiums have now been priced into the market for several weeks, but traders remain wary of any sudden disruption. The lack of a clear pathway toward de-escalation leaves the market vulnerable to sharp spikes, particularly if either side takes military action near the strait. Analysts caution that even a temporary closure could send prices well above current levels. With no breakthrough in sight and the summer driving season approaching, the outlook remains tilted toward higher prices. The question now is whether diplomatic channels can reopen before...

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Categoria: cronaca