The price of West Texas Intermediate (WTI) oil has risen to $79.78 per barrel, an increase from recent fluctuations around the $70 mark. Concurrently, the price of the Brent oil futures contract has climbed to $84.84 per barrel. Amid these market shifts, former President Donald Trump stated that the United States serves as a guardian of vital oil transit corridors, asserting that transit fees will be collected, amounting to 20% of the value of any cargo.
Furthermore, reports indicate that the Iranian blockade of ports has started again. During a speech, Trump emphasized a key priority for world leaders, stating, “Xi Jinping, E. Macron or V.
Putin – they all know it.” In response to these developments, Citi Bank economists cautioned that Trump’s proposal to impose shipping taxes in the Gulf of Hormuz substantially heightens the risk of escalating military conflict. The bank noted that the risk associated with Iran’s potential refusal of a previously concluded memorandum has also increased. These factors contribute to heightened geopolitical tensions surrounding global oil supply and pricing.
Topics: #oil #price #again
