Brent Crude Surpasses $90 as Concerns of Full-Scale War in the Middle East Rise

As military clashes between the United States and Iran escalate, international oil prices have surpassed $90 per barrel. According to the New York Times on the 19th, Brent crude surged nearly 3% at the start of weekend trading, reaching $90. West Texas Intermediate (WTI) also rose by 3%, trading at $84 per barrel. This increase is attributed to geopolitical risks stemming from the expansion of military conflict. Over the weekend, U.S. military personnel were reported killed in Jordan and Iraq, and the U.S. has deployed additional fighter jets to the Middle East. Concerns over oil supply are also growing as the volume of vessel traffic through the Strait of Hormuz has decreased. Only about ten tankers passed through the strait on the 13th, which is half the usual amount. Energy facilities in the Middle East are under attack, and the U.S. has intensified airstrikes on Iranian infrastructure. According to the American Automobile Association, the average gasoline price in the U.S. is nearing $4 per gallon, while diesel prices have surpassed $5. Since the outbreak of war, gasoline prices have risen by approximately 34%. The market views the volume of vessel traffic through the Strait of Hormuz, China's crude oil import levels, and the intensity of Ukraine's attacks on Russian energy infrastructure as key variables affecting international oil prices.

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