Lates News

Due to Trump playing down the possibility of immediate negotiations with Iran, the price of oil continued to rise, with Brent crude oil prices surpassing $94 per barrel. In early European trading, the global oil benchmark Brent crude oil prices rose by 4.1% to $94.72 per barrel, reaching a near seven-week high; WTI crude oil futures rose by 4.1% to $87.78 per barrel. Market sources have reported a significant decrease in traffic through the Strait of Hormuz, with several oil tankers rerouting through the Strait of Mandeb. Meanwhile, it has been reported that the Black Sea port oil tankers were attacked, leading the Caspian Pipeline Consortium to temporarily halt oil transportation from Kazakhstan and to stop receiving oil from Kazakhstan. An analyst from the Netherlands International Group stated, "Considering the reemergence of disruptions in Persian Gulf supply, the risk to Saudi crude oil exports in the Red Sea region, and the developments in the Black Sea, it can be said that the current Brent oil price slightly above $91 per barrel is undervalued, especially in the scenario where these disruptions continue until August."