My News Desk
Published: April 23, 2024, 08:25 pm
Recent Iranian-Israeli tensions in the Middle East have eased with retaliatory strikes. As a result, the price of fuel oil has decreased. Crude oil prices fell by more than 1 percent in the international market yesterday. News Reuters
According to the report, on Monday (April 22), the price of Brent crude oil, the international crude oil market, decreased by 0.33 percent or 29 cents compared to the previous day. On this day, each barrel was traded at 87 dollars.
On the other hand, the price of US West Texas Intermediate (WTI) fell 29 cents or 0.35 percent. In the market, this oil is traded at 82 dollars 85 cents per barrel.
In this regard, world-renowned financial institution IG Market analyst Yep Jun said that the price of Brent crude oil has fallen because Iran’s reaction against Israel is somewhat normal. He noted that rising U.S. crude oil inventories are currently putting pressure on sales.
Meanwhile, the United States recently passed a large military aid package for Ukraine and Israel. As a result, analysts believe that the US sanctions against Iran’s oil production may be extended. If this happens, Iran’s oil extraction will be hindered. Which can have a negative impact on the international oil market.
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