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BackInternational oil prices soar due to concerns over US-Iran attack and attack on Middle East oil tanker
International oil prices soar due to concerns over US-Iran attack and attack on Middle East oil tanker
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연합뉴스50 minutes agoEnergy2 min readSouth KoreaView original

International oil prices soar due to concerns over US-Iran attack and attack on Middle East oil tanker

international oil priceWTIbrent oil

Quick Look

  • International oil prices rose as concerns grew about disruptions in crude oil supply due to the possibility of the United States resuming large-scale military operations against Iran and increased attacks on oil tankers in the Middle East.
  • WTI recorded $91.49 per barrel and Brent crude oil recorded $104.28, but gave up some of the gains as President Trump announced that he would not attack Iran before the midterm elections.

AI-generated summary

Why It Matters

The United States has continued to exert military pressure on Iran, and the Strait of Hormuz is a key transportation hub for global crude oil. As attacks on oil tankers have recently increased, concerns about supply disruptions are growing.

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(New York = Yonhap News) Correspondent Soo-jeong Lim = International oil prices rose on the 8th (local time) due to the possibility of the United States resuming large-scale military operations against Iran and concerns about disruption in crude oil supply due to increased attacks on oil tankers in the Middle East.

International oil prices surged more than 5% during the day, but gave up some of the gains as U.S. President Donald Trump announced that he would not attack Iran before the midterm elections in November.

On this day, the closing price of West Texas Intermediate (WTI) crude oil (WTI) futures for November delivery on the New York Mercantile Exchange closed at $91.49 per barrel, up $3.21 (3.64%) from the previous trading day.

The closing price of Brent crude oil futures for December delivery, which is the standard for global crude oil prices, recorded $104.28 per barrel, up $4.08 (4.07%) from the previous trading session.

Axios, a U.S. internet media outlet, previously reported that the U.S. Department of Defense had ordered the Central Command (CENTCOM), which oversees the Middle East, to prepare to resume large-scale military operations against Iran a few days ago.

As President Trump considers whether to launch additional attacks against Iran, concerns have grown that disruptions in crude oil supply in the Middle East could expand if actual military operations resume.

The fact that attacks on oil tankers, which had been concentrated in the Strait of Hormuz, expanded into the Persian Gulf also encouraged the rise in oil prices.

The United Kingdom Maritime Trade Organization (UKMTO) announced that an oil tanker sailing in waters north of Qatar was hit by several projectiles the day before, resulting in casualties.

However, UKMTO did not reveal the nationality of the ship that was hit or the person responsible for the attack.

The series of shutdowns of crude oil production facilities in the U.S. Gulf of Mexico due to hurricanes also put upward pressure on oil prices.

Accordingly, WTI showed an intraday rise of around 5%.

However, as President Trump announced a policy of suspending attacks on Iran, oil prices reduced some of their gains.

President Trump said on the social media platform TruthSocial that day, "We are conducting productive discussions with Iran," and added, "We will not attack Iran at any point before the midterm elections to be held in the United States on November 3."

What to Watch

AI outlook — possibilities, not facts

  • If the United States resumes military operations against Iran after the midterm elections, international oil prices will rise further.

    Possible · Within months

Open Questions

  • When will the United States actually resume military operations against Iran?
  • Who attacked the oil tanker and what was the nationality of the vessel?
  • How credible is Trump's promise to suspend attacks before the midterm elections?

Related Topics

international oil price
PeopleSoojeong Limdonald trump
OrganizationsYonhap Newsus department of defenseCENTCOMUK Maritime Trade Organization (UKMTO)
Placesunited statesiranStrait of Hormuzpersian gulf
TopicsWTIbrent oilmilitary operation against IranStrait of Hormuzoil tanker attacktrump
This article was originally published by 연합뉴스.

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