Brent crude jumps 5%… Oil continues to rise as the Iran war expands
Oil prices continued to rise today, rising by about 5%, as the escalation of the US-Israeli war with Iran disrupted supplies and shipping, prompting some major producers in the Middle East to reduce production.
And Brent crude oil price rose $4.01, or 4.93%, at $85.41 per barrel, recording gains for the fifth session in a row. The price of US West Texas Intermediate crude also rose $6.35, or 8.51%, to reach $81.01, its highest level since July 2024.
Oil futures rose American crude rose by more than 7% during the session, reaching its highest level since January 2025.
Bank analysts indicated "JP Morgan" In a note that Crude oil supplies from Iraq and Kuwait may begin to be cut off within days if the Strait of Hormuz remains closed, which could lead to a decline of 3.3 million barrels per day by the eighth day of the conflict.
Iraq, the second largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC), has reduced its production by about 1.5 million barrels per day due to a lack of storage facilities and the interruption of export channels, officials told the agency. "Reuters"
Qatar, the largest producer of liquefied natural gas in the Arabian Gulf, declared force majeure on gas exports on Wednesday, and sources indicate that a return to normal production levels may take at least a month.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
