The conflict between the United States and Israel against Iran has caused a 37% increase in oil prices over two weeks, placing the barrel around 100 dollars and recording a 64% rise so far this year. Since the war began, the price of Brent oil has fluctuated based on the situation in the Middle East and the statements made by the President of the United States, Donald Trump, regarding the duration of the conflict. Last Monday, the price of Brent oil surged by 30%, reaching 119.50 dollars, which led to a drop in stock markets. However, that same day, Trump declared that the war with Iran was almost over, prompting a decrease in crude prices, which fell to 90 dollars. Market instability led to Brent experiencing a historic increase and then registering an intraday decline. On Tuesday, Brent continued its decline, dropping by 11.28% to reach 87.80 dollars, despite Trump’s assertion that the war would be brief. These declines were short-lived, as the following day, oil prices increased by more than 5%, with the barrel nearing 93 dollars, even though the International Energy Agency had reported the release of 400 million barrels. On Thursday morning, the price of the barrel reached 101.59 dollars, experiencing a gain that slowed during the morning but regained momentum following statements from Iran’s new Supreme Leader, Mojtaba Khamenei, who stated that the Strait of Hormuz must remain closed, causing the price of oil to return to 101 dollars. Alongside Brent, West Texas has experienced fluctuations and is currently around 97 dollars per barrel. Middle Eastern oil exports, which depend on the Strait of Hormuz, amount to about 16 million barrels a day.
