Oil prices operate at a moderate high on Tuesday amid increasing tensions between the US and Iran, which could further disrupt oil exports from the Islamic Republic.
At 0800 (Brasilia), the Brent oil, world reference, rose 0.22%, to us $73.22 the barrel on ICE, while the WTI advanced 0.71%, to us $68.36 per barrel in the New York Mercantile Exchange (Nymex).
Prices have fluctuated between gains and losses, after threats between U.S. President Donald Trump, and his Iranian colleague, Hassan Rouhani, while the oil market was trying to assess how much the Iranian oil supply could be at risk.
At the end of Sunday, Trump published on his Twitter account a message aimed at Rouhani, warning him to never threaten the US, "or suffer the consequences that few in history have suffered." The words of Trump were a response to yesterday's comments from Rouhani, who said that "peace with Iran is the mother of all peace and the war with Iran is the mother of all wars".
In May, Trump withdrew the U.S. from an international agreement of 2015 to contain Iran's nuclear program, preparing the scenario for the reinstitution of economic sanctions that should hinder Iran's oil industry. Analysts estimate that up to 1 million barrels per day of more than 2.5 million barrels per day of Iran may be at risk in oil exports. Trump promised to impose the most stringent sanctions possible.
"The market wants to focus on real production in Iran," which will be affected by the new sanctions, said Ole Hansen, head of commodity strategy at Saxo Bank. "But the market is cold in relation to this, so the slight high prices," he added, noting that in the past the concerns about the risk to the Iranian offer have greatly increased the prices.
"Apparently, the market believes that there is only a small likelihood that the Iranian crisis will intensify," Commerzbank analysts wrote on a daily note on Tuesday. In addition, investors are waiting for inventory data from the American Petroleum Institute that are leaving today in the late afternoon and the official data from the US Department of Energy, which will be known tomorrow. Source: This is money.
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