Oil prices rise for third straight day
Photo: The situation in the Middle East plays a key role in shaping prices (Getty Images)
On August 12, oil prices surged again—the situation worsened following new attacks by the US and the Houthis on ships in the Persian Gulf and the Red Sea straits, according to Reuters.
Brent crude futures rose 0.81% to $89.63 per barrel.
The price of US WTI crude rose 0.85% to $83.91 per barrel.
On August 10, oil prices rose by about 5%. This occurred amid dwindling hopes for a peace deal between the US and Iran.
On August 11, prices rose by over a dollar and reached their highest level since July 31.
In addition, on August 11, the US military and the Iran-backed Houthis reported isolated attacks on ships near the Strait of Hormuz and the Bab el-Mandeb Strait.
A statement on this matter was made by senior Iranian official Mohsen Rezaei. According to him, the Strait of Hormuz will remain closed until the US agrees to unfreeze Iranian assets and meet Tehran’s other demands.
On August 10, only six ships passed through the strait. Before the war began, the number reached 125–140 per day.
Analysts explain that the sharp rise in oil prices is being held in check by data on US inventories. The American Petroleum Institute reports that inventories rose by 9.1 million barrels over the week, even though analysts had expected a decline.
Earlier, oil prices rose due to Iran's demands to reopen the Strait of Hormuz.
We also reported on new threats from US President Donald Trump directed at Tehran.
It has come to light that Russia was facing serious budget problems, even despite high oil revenues.
