Oil prices declined in Asia’s trade on Tuesday, a day after Iran a missile strike in Qatar, no report on an American airbase in Qatar, raising investors’ expectations that could be a way to increase the struggle in the Middle East.
We crude oil Prices were 2.85% below $ 66.57 per barrel, while global benchmark Brent 2.77% fell to $ 69.50. Prices are now at a level below June 13 when Israel attacked Iran.
Iran, according to an NBC News Translation of Irani State TV, Iran launched a missile strike at the Al-Yudid Air Base in Qatar in vengeance on its most important nuclear sites in the weekend.
Qatar confirmed that the Iranian strike did not cause any casualties, according to a spokesman of the Gulf Kingdom Foreign Ministry. The spokesman said Qatar’s aerial rescue stopped the Iranian missiles.
The raw price jumped on Sunday evening after joining the Israeli campaign against Iran. Brent increased by more than 5% to easily crack in $ 81. WTI reached its highest level from January before pulling back.
The sale of the oil market shows that investors believe that President Donald Trump hit Iran over the weekend, Energy Secretary Chris Wright told CNBC in an interview on Monday.
There is a corner of the market that believes that Trump has successfully extended the Global Commodity Strategy head Hellima Croft in RBC Capital Markets for D-Suscule, the CNBC said.
“Essentially, peace through power strategy,” said Croft. “If we don’t get more than Iran, President Trump will win a big win over it.”
Trump thanked Iran in a social media post “for giving us initial notices about the strike” in a social media post, which made it possible to lose without life. “The President called upon the Islamic Republic to move towards peace and said that he would encourage Israel to do so.
Hormuz
The oil market seems to be avoiding its worst situation for now, with Iran attempts to close the hormuz’s strand. According to the Energy Information Administration, in 2024, raw raw raw raw, or 20% of the global consumption.
The Iranian state media said on Sunday that the Parliament of Iran had supported the closing of the Strait citing a senior legalist. However, the final decision to shut down the Strait is with Iran’s National Security Council, according to the report.
US State Secretary Marco Rubio has warned Iran against an attempt to shut down the Strait. This will be “financial suicide” for the Islamic Republic as their export passes through the waterway, said Rubio.
“We keep an option to deal with it,” Rubio told Fox News in an interview on Sunday. “This will make the economies of other countries worse than us. It will be, I think, a large -scale growth, which will react to others, not only by us.”
Iran produced 3.3 million barrels or BPD per day in May, according to OPEC’s monthly oil market report released in June, cited independent analyst sources. According to KPLER data, it exported 1.84 million BPD last month, selling most of the majority to China.
Rubio called upon China to use his impact to prevent Tehran from closing the Strait. The import of about half of China’s water -generated crude oil comes from the Persian Gulf, per killer.
Rubio said, “I encourage the Chinese government in Beijing to call about it as they are dependent on the hormuz of the hormuz for their oil.”
