Oil prices soar 3% on US 'armada' and new sanctions against Iran

Global oil prices showed a sharp increase, setting a weekly high. The market immediately reacted to another escalation in the Middle East after US President Donald Trump’s statements about sending the navy to the coast of Iran and imposing strict restrictions against ships carrying Iranian crude oil. This was reported by Reuters, writes UNN.

DetailsBrent crude futures rose 2.8% to $65.88 per barrel, while US WTI crude rose 2.9% to $61.07. The main reason for traders’ concern was Trump’s words about an “armada” of ships, including aircraft carriers and destroyers, which are expected to arrive in the region in the coming days.

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Such actions by Washington are a response to Tehran’s threats to resume its nuclear program and suppress internal protests, which creates real risks of large-scale disruptions in fuel supplies.

Sanctions blow to Iranian exportsIn parallel with military pressure, the US Treasury Department announced sanctions against nine vessels and eight foreign companies involved in the illegal transportation of Iranian oil products. These measures are designed to completely cut off foreign exchange earnings for the regime. An additional factor supporting prices was the situation in Kazakhstan, where difficulties arose in resuming production at the Tengiz field, which further intensified market fears about supply shortages amid growing global demand. 

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