International oil prices record the largest single-day increase in six years

According to Odaily, due to the escalation of the US-Iran conflict and the US announcement to resume its maritime blockade against Iran, international crude oil futures prices rose significantly in early trading on the 13th, with closing gains exceeding 9%, marking the largest single-day increase since May 2020. After the opening of the new trading day on the evening of the 13th, international oil prices continued to rise by over 1%. At the close on the 13th, the price of light crude oil futures for August delivery on the New York Mercantile Exchange increased by $6.73 to close at $78.14 per barrel, a gain of 9.42%; the price of Brent crude oil futures for September delivery on the London market rose by $7.29 to close at $83.30 per barrel, an increase of 9.59%.

Analysts from ABN AMRO Bank said that the escalation of the conflict has already reduced the traffic through the Strait of Hormuz to a low level, reigniting concerns about tight oil supplies in the third quarter. Senior market analyst Rania Gule of global financial brokerage firm XS Group stated that the current movements in the energy market are not only a short-term technical rebound but also a repricing of geopolitical risks by the market. (Golden Ten Data)