This is evidenced by data from Investing.
At their peak, crude oil prices reached $73.61 per barrel. However, around 11:00 a.m. Moscow time, the price of Brent fell to $72.74. Despite this, the increase from the previous session’s closing level by that point was nearly 0.2 percent.
At the time of writing (1:36 p.m. Chisinau time), prices had risen again to $73.15.
Analysts attribute the shift in commodity prices toward growth after a prolonged decline primarily to the latest escalation in the Middle East. U.S. and Iranian military forces resumed mutual strikes shortly after signing a memorandum of understanding. Washington accused Tehran of violating the agreements reached.
The current escalation has resulted in a slowdown in the transport of energy resources through the Strait of Hormuz, considered one of the region’s main logistical arteries. This has heightened market participants’ concerns about a shortage of raw materials, which ultimately pushed commodity prices higher. “The oil market continues to face significant risks,” noted experts from the international financial group ING.
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