Drop of 1.09% contradicts expectations of an increase due to fear of supply restrictions after the offensive
Despite fears about the rise in oil prices after Iran's attack on Israel, the price of a Brent barrel opened the market this Monday (April 15, 2024) traded at US$ 90.51 worldwide, a drop of 1.09%.
On Saturday (13 April), Iran launched an attack with drones and missiles against Israel. Tension between the 2 countries has been growing since the start of the Jewish country's war against Hamas, in the Gaza Strip. The Palestinian extremist group has a long-standing relationship with Iran, a military and economic power that has provided political, financial and weapons support to the organization.
The expectation is that the value will soar due to fear of supply restrictions. This is because Iran is one of the largest global producers, it is part of the OPEC (Organization of Petroleum Exporting Countries) and controls the Strait of Hormuz, through which 88% of the oil produced in the Persian Gulf passes. If the strait is closed, the value of oil could skyrocket and reach US$110, according to an estimate made at the end of 2023 by the CBIE (Brazilian Infrastructure Center). Read more in this report.
The oil market shook, on Friday (April 12), with the fear of a generalized war. The price of a barrel reached US$93. At the end of the day, it closed at US$90.21.
The Brent barrel was already operating at a high last week due to the growth of tension in the Middle East. Since March, the price has increased by 8%. In 2024, the Brent barrel – a global reference – increased in value by 20%.
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