Brent oil, as a global benchmark, reached $100 per barrel in Asian trading on Thursday. This comes as crude oil exports from the Persian Gulf have returned to pre-war levels, and Saudi Arabia has also resumed part of its east-to-west pipeline that bypasses the Strait of Hormuz.
Oil Market Developments
At the time of this report, the price of Brent oil was trading at $100.5 per barrel, up 2.6%. Additionally, the American West Texas Intermediate index also saw a similar increase, reaching around $92.80. This rise in oil prices is observed as investors assess the revival of crude oil exports from the Persian Gulf.
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Iran also announced on Wednesday that it has received the U.S. response to its proposal for reopening the Strait of Hormuz. This proposal includes lifting the blockade on Iranian ports and releasing frozen assets. Iranian President, Masoud Pezeshkian, emphasized that they will spare no effort to finalize this agreement. Meanwhile, Donald Trump, the U.S. President, stated more bluntly: "Either we destroy them or we make a deal."
OPEC+ Meeting and Shipping Situation
OPEC+ is expected to maintain its production targets for November unchanged during its meeting on Sunday. This comes as shipping risks in the region remain high. According to British maritime officials, three ships were targeted in the Strait of Hormuz on Tuesday, raising concerns about shipping security.
In financial markets, European stock indices started Thursday with declines. The Euro Stoxx 50 was about 1% lower, and the broader pan-European Stoxx 600 fell by 1.5%. Investors are assessing the inflation data for September in Germany, France, and Italy, which has risen faster than expected due to increasing energy prices.
In Asia, Japan's Nikkei 225 rose nearly 2%, and South Korea's KOSPI also increased by more than 2%. September exports from this country increased by 83.5% compared to the previous year, reaching a monthly record.
On Wall Street, the S&P 500 index fell by 0.3% on Wednesday, and the Dow Jones Industrial Average decreased by 0.9%. However, the U.S. employment data for September, which will be released on Friday, is expected to have a significant impact on the markets.
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