Oil Prices Surge to $109/barrel as Strait of Hormuz Tension Worsens
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8 Articles
Oil prices surge to $109/barrel as Strait of Hormuz tension worsens
Global crude oil prices jumped over the weekend amid heightened tensions in the Strait of Hormuz. A market survey by DAILY POST on Sunday showed that Brent and West Texas Intermediate, WTI crude rose to $109.90 and $101.40 per barrel, respectively. This means that Brent and WTI crude prices surged by 3.71 per cent and […] Oil prices surge to $109/barrel as Strait of Hormuz tension worsens
Alexander Novak warned that global oil prices could continue to rise if the situation in the Strait of Hormuz does not improve soon.
The oil that the member countries of the International Energy Agency (IEA) are releasing from their stocks is not sufficient to cover the global market deficit, the Russian Vice-Premier Alexander Nowak considers. "The remainder, which is now being used extensively from various reserves, from the reserves of the International Energy Agency-United States, European countries, has already decided to release some 500 million barrels from reserves.
The price of oil in the world markets could increase even more if the situation in the Strait of Ormuz continues to be volatile, said Vice-Premier Alexander Novak. "We see that about 4 to 6 million barrels a day the market today does not receive oil. Therefore, the price has risen, it responds to the deficit. Volatility is high. The market is waiting for something to get better, and the prices are still high," TASS quotes Novak.
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