As of 7:10 p.m. today, the forward barrel price for Brent oil rose by 5.88 percent compared to yesterday's closing price, reaching $114.54. At the same time, West Texas Intermediate (WTI) crude oil sold for $105.43 per barrel.
While the attacks on the oil industry in the Fujaira region of the United Arab Emirates (UAE) led to a rise in prices following an attack by an unmanned aerial vehicle (UAV) from Iran, it was reported that civil defense teams intervened to control the fire that broke out and spread in the region.
As tensions continue between the U.S. and Iran over the Strait of Hormuz, U.S. Central Command (CENTCOM) announced that it will begin supporting the Freedom Project, which will be implemented today to allow daytime transit of merchant ships through the Strait of Hormuz, and that 15,000 military personnel will participate in the process.
“This mission will provide support to commercial vessels seeking to freely transit this important international trade corridor,” CENTCOM said in a statement. The expression was used.
Statements by the Chairman of the National Security and Foreign Policy Committee of the Iranian Parliament, Ibrahim Azizi, that US intervention in maritime regulation in the Strait of Hormuz would be a violation of the ceasefire suggest that tensions in the region continue and are supporting prices. The Iranian army had announced that it would be targeted if the US Navy approached the region.
While market concerns remain about supply disruptions from the Middle East, the decision by seven countries in the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, to increase production by 188,000 barrels per day in June as expected, was another factor supporting the downward move in prices. The group's next meeting will take place on June 7th.
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