The continued futures of Texas oil (WTI) they exceeded 104 dollars a barrel this Sunday, April 12, hours before the United States begins the blockade of the Strait of Hormuz announced by the president donald trump.
At 18:40 local time New York (22:40 GMT) Texas barrel contracts expiring in May shot up 8.3% compared to Friday’s close and were trading at $104.58, according to real-time data prior to Monday’s opening.
At the same time, the continuing contracts of the Brent oila reference in Europe, maturing in June, soared 7.6% compared to Friday’s close and were trading at $102.43.
The bullish reaction in the oil market occurs after negotiations between the United States and Iran in Pakistan concluded yesterday without an agreement and today Trump announced that his country will block all ships trying to enter or leave the Strait of Hormuz.
The Central Command of the United States Armed Forces (Centcom) said that it will begin to block all maritime traffic in and out of Iranian ports tomorrow, Monday at 10:00 a.m. ET (15:00 GMT).
The main obstacles in the negotiation between the United States. and Iran have been the reopening of the Strait of Hormuz, over which Iran wants to maintain control; the release of frozen Iranian funds and, on the other hand, Tehran’s nuclear program.
Texas oil closed on Friday at $96.57 a barrel, with a drop of 13% accumulated in the week due to uncertainty over the ceasefire between the United States and Iran and the reopening of the Strait of Hormuz.
