The price of Brent oil today reached $109.68 per barrel, the highest figure in the past five months. While the price of West Texas Intermediate (WTI) crude oil has also reached $98.55, market analysts have become more pessimistic about the resumption of normal oil flow from the Persian Gulf.
Impact of Attacks on Tankers on Oil Exports
Reports indicate that there have been at least 18 attacks on tankers in the Strait of Hormuz in the past two weeks, which have significantly affected oil flow. According to data from Kpler, which had previously reported that oil exports had returned to pre-war levels, it now states that export rates have sharply declined again. The average daily oil flow from the Persian Gulf has decreased to 8.5 million barrels, while this figure was over 20 million barrels per day two weeks ago.
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Analysis of Oil Price Situation in the Market
Commodity analysts at ING have stated that oil prices are well supported despite a relatively strong oil flow from the Persian Gulf. They believe that this situation indicates a significant risk premium in the market created by the volatility of current conditions. If oil flows remain stable and strong, this war premium will gradually decrease, but according to them, there are currently no signs of this.
In another development, the Yemeni Houthi group has once again targeted Saudi Arabia, attacking energy infrastructure, airports, and military sites. This escalation in the Houthi-Saudi conflict has significantly added to the volatility of the oil market in the Middle East.
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