Brent Crude at $93.82, Rising for Two Consecutive Weeks
Prefer us on GoogleInternational oil prices have continued their upward trend for two consecutive weeks. As of 10:42 AM KST on the 21st, Brent crude for October delivery was trading at $93.82 per barrel, while West Texas Intermediate (WTI) for September was at $86.78 per barrel. Brent crude rose by 2.4% compared to the previous trading day, and WTI increased by 2.3%. Over the last five trading days, Brent crude has risen by more than 7%, and WTI has increased by over 8%, reaching its highest level since July 24. The rise is attributed to tensions between the United States and Iran, with President Donald Trump warning of potential economic retaliation against countries supporting Iran. U.S. Treasury Secretary Scott Bencet stated that the strongest sanctions in history would be imposed on Iran. The oil market is reacting sensitively to uncertainties in supply routes rather than military conflicts, and the United Arab Emirates (UAE) has halted financial and economic transactions with Iran. The Strait of Hormuz sees an average flow of 20 million barrels of oil per day, accounting for about 20% of global oil consumption. Rising oil prices could also impact the cryptocurrency market, as higher energy prices may increase inflation concerns and volatility in risk assets. However, it remains uncertain whether the current upward trend will lead to a long-term price direction.
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