Oil returns to $100 levels after denying Trump’s allegations of negotiating with Iran
Global oil prices returned to their rise today, Tuesday, as Brent crude rose to $104 a barrel, after Iran denied the US President’s statements Iranian officials rejected these allegations, denying Trump’s statements and any possibility of holding talks with the United States. This denial led to renewed uncertainty in global markets, pushing oil prices back above the $104 level.
Market analysts also expressed concern about unusual trading activity, noting that large and irregular transactions had occurred in the financial and oil markets just minutes before Trump’s statements. Some experts believe that this may indicate possible market manipulation and opportunistic exploitation of opportunities.
Meanwhile, analysts at the… "Macquarie" If the Strait of Hormuz remains closed, oil prices may rise to $150 per barrel, which will intensify global economic pressures.
Refinery explosion in Texas
A massive explosion occurred at a crude oil refinery in Texas, causing towering columns of dark smoke to rise, and violently shaking the homes of local residents, before the US authorities issued orders to stay in the homes.
The authorities reported that a massive explosion occurred in Throughout the western part of the city of Port Arthur, Texas, last night, when part of the Valero refinery exploded.
She explained that clouds of black smoke were emitted from the refinery, raising health concerns among residents and forcing city officials to issue a stay-at-home order in the western end.
The refinery employs approximately 800 people. "To process heavy sour crude oil and other raw materials into gasoline, diesel and jet fuel".
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