Oil prices on Tuesday, February 10, are rising due to the risks of supply disruptions from the Middle East.
It was reported by Ekonomichna Pravda with reference to Bloomberg.
The report says that the price of oil has been rising for two days, as tensions in the Middle East, around Iran, create supply risks.
So, WTI crude exceeded USD 64, and Brent exceeded USD 69.
The United States said on Monday that American-flagged vessels should stay as far away from Iranian waters as possible when passing through the Strait of Hormuz.
The warning came despite signs of progress in nuclear talks between Washington and Tehran.
The Strait of Hormuz is a critical trade artery for energy supplies to the Middle East, linking a number of producers to global markets, particularly in Asia.
Iran has threatened to close this sea route during periods of geopolitical tension, although it has never actually done so.
However, military maneuvers and warnings about the safety of navigation are forcing the market to put an additional risk premium on the price of oil
Analysts at RBC Capital Markets note that although the United States and Iran have welcomed the start of nuclear talks in Oman, the threat of strikes on Iranian targets remains on the agenda. The US military presence in the region is forcing supertanker operators to speed up the movement of their vessels through dangerous areas, fearing provocations or the closure of the Strait by Tehran.
Fear of rising oil prices may eventually push US President Donald Trump to seek a negotiated settlement with Tehran.
As the Ukrainian News agency earlier reported, oil prices on Tuesday, February 3, are falling, falling for the second day in a row as the market weighs the possibility of easing tensions between the US and Iran, and the strengthening dollar puts further pressure on prices.
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