Oil prices rose again on Tuesday amid concerns about the lack of sufficient details in the initial agreement to end the war between… US andIranand realizing that the resumption of supplies via Strait of Hormuz It may take longer than expected.
Crude futures rose Brent 26 cents, or 0.3%, to $83.42 per barrel, while US West Texas Intermediate crude rose 46 cents, or 0.3%, to $81.12 per barrel by 01:08 GMT.
Yesterday, Monday, prices fell Oil By about 5%, to record the lowest settlement level since March 4, after the US President’s announcement Donald Trump Signing a memorandum of understanding to end the US-Israeli war with Iran, which closed the Strait of Hormuz, through which a fifth of the world’s oil supplies passed before the conflict.
Despite the optimism that followed the announcement, the full details of the memorandum were not revealed and a permanent ceasefire was not reached.
Ships and boats in the Strait of Hormuz (Reuters)
Initial indications are that the agreement will lead to the reopening of the Strait of Hormuz and extend the ceasefire for 60 days, allowing negotiators to address thorny issues such as the future of… Nuclear programme Iranian.
The Iranian president said Masoud Bazeshkian Yesterday the memorandum of understanding between Washington andTehran It represents an “important step” towards stopping the fighting, but a final agreement on a permanent ceasefire “has not yet crystallized.”
Tim Waterer, chief market analyst at KCM Trade, said: “The problems may lie in the details, and until those details emerge, the market will likely exercise restraint in continuing to lower the risk premium in the markets.” Energy“.
A senior Iranian official said yesterday that his country would freeze its nuclear activities and refrain from further enrichment Uranium Or expand nuclear facilities, until a final agreement is reached.
Even with the current agreement, it is still unclear how quickly supply flows to the market will return to normal.
“The path back to normal supply flows is still far from easy,” said Tony Sycamore, market analyst at IG.
He added, “Removing the mines, restoring full marine insurance coverage, and making ships and their operators feel confident enough to return to the Gulf will take time, as will restarting closed wells and damaged infrastructure in the area.”
