Opening the first-week trading session, both of the world's key crude oils went up over $100 a barrel. Brent currently increases 25% to 116,3 dollars. US WTI crude oil increased to 28% to 116,4 dollars. Last week, both of these oils increased by about 30%.
This is the highest level of both of these oils since July 2022. Between 2022, Brent's price went up on $120.
Iran announced the selection of Mojtaba Khamenei, the late Cardinal son Ali Khamenei, as the next Supreme Leader of the country. He was judged as a conservativeist and his decision to appoint him showed that the side of the hard way continued to take the highest leadership in Iran.
- The Abaran oil refinery in southwest Iran in 2019. Image: Reuters*
Israel's Army on 8/3 reportedly attacked Iranian commanders in Beirut's capital of Lebanon at the same dawn of the day, thereby extending the campaign to the center of Beirut after several days of air strikes that cost nearly 400 lives. Israeli troops had also threatened to destroy any chosen successors of Khamenei. Meanwhile, U.S. President Donald Trump declared war could only end when they destroyed Iran's current leadership system.
On the night of 7/3, Israeli troops also first raided oil facilities in Tehran. They claim that these sites provide fuel for "many different customer objects, including military units in Iran".
Get out! [citation turns crude oil Brent over the past month. Graphics: Trading Economics](data:image/gif;base64,R0lGODlhAQABAAAACH5BAAAAAAABAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACACATATATAEAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Thomas turned crude oil Brent over the past month. Graphics: Trading Economics
The conflict in the Middle East is causing the energy flow through the Hormuz Channel more than a week ago. Saudi Arabia - world's leading oil export – is increasing transport through the Red Sea. However, the mass has not yet been able to compensate from the fact that goods cannot pass through Hormuz.
Even in the early end, conflicts can still lead global consumers and businesses to face high fuel prices for weeks or months. Since the providers had to overcome damaged facilities, the logistics series interrupted and the risk of transportation increased.
**Shift Thutuk (on Reuters)
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Get out! [Abadan oil refinery in southwest Iran in 2019. Image: Reuters](data:image/gif;base64,R0lGODlhAQABAAACH5BAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACACACATATATATAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAATATATAEEEAAAAAEAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Get out! [citation turns crude oil Brent over the past month. Graphics: Trading Economics](data:image/gif;base64,R0lGODlhAQABAAAACH5BAAAAAAABAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACACATATATAEAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAEAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA