Brent oil prices soared 8% this Monday, March 3, reaching $78.22 per barrel, following the US and Israeli attack on Iran and its repercussions in the Middle East.
According to Bloomberg data compiled by the Spanish news agency EFE, at seven o’clock today (six in the morning in Lisbon), the price of Brent oil rose 8.03% to 78.22 dollars, its highest level since June.
During the first hours of the day, as an initial reaction to the US and Israeli attacks on Iran last weekend, Brent reached a maximum of 82.37 dollars, an increase of more than 13%.
Analysts explain that, given the tensions in the Middle East, the focus is on the Strait of Hormuz, through which almost 20% of global crude oil traffic passes, amid fears that the conflict could cause an interruption in supply.
In response to the war in Iran, Saudi Arabia, Russia and six other OPEC+ members on Sunday increased their oil production quotas by 206,000 barrels per day for the month of April, a volume higher than expected.
The US Department of Transportation on Saturday issued an advisory advising commercial ships to avoid sailing through the strait, the Persian Gulf, the Gulf of Oman and the Arabian Sea.
Meanwhile, West Texas Intermediate (WTI) crude, the US benchmark, rose more than 8.42% to $71.62 in pre-market trading.
Israel and the United States launched a military attack against Iran on Saturday, to “eliminate imminent threats from the Iranian regime”, and Tehran responded with missiles and drones against US bases in the region and Israeli targets.
US President Donald Trump stated that the operation aimed to “eliminate imminent threats” from Iran, while Israeli Prime Minister Benjamin Netanyahu confirmed the joint action against what he classified as an “existential threat”.
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