Brent oil barrel traded at $110.34 Brent oil barrel

The December term barrel price of Brent oil, which rose to $111.99 yesterday, completed the day at $108.79. The barrel price of Brent oil increased by approximately 1.4 percent compared to the closing date at 09.20 today, reaching 110.34 dollars.

At the same time, the December term barrel price of West Texas Intermediate (WTI) crude oil was 99.25 dollars.

Statements that strengthened the expectation that Iran would not compromise on the conditions for the reopening of the Strait of Hormuz, ongoing tensions in the region and the decrease in US crude oil stocks were effective in the rise of oil prices.

The barrel price of Brent oil, which dropped to $105.95 yesterday with the news flow regarding the diplomatic initiatives carried out between the USA and Iran and the report that Qatar and Pakistan offered a compromise proposal to the parties, started to rise again after the statements of the Iranian Parliament Speaker Mohammed Baqir Qalibaf.

Qalibaf stated that the United States would not be able to gain Tehran's trust unless it met the conditions offered by Iran for the reopening of the Strait of Hormuz, increasing the uncertainties regarding oil shipments in the Strait and global supply concerns, thus supporting prices upwards.

Emphasizing that his country has not trusted the United States for many years, Kalibaf stated that the Washington administration's failure to fulfill its obligations in the memorandum of understanding has further increased this distrust.

Secretary General of Iran's Supreme National Security Council, Mohsen Rezai, also stated that enriched nuclear materials will not be taken out of Iran under any circumstances.

These statements strengthened expectations that the disputes between the USA and Iran could not be resolved in the short term and put upward pressure on oil prices.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)