International oil prices recorded their biggest single-day gain in 6 years

Odaily reported that due to escalating US-Iran conflicts and the US announcement to reinstate a naval blockade on Iran, international crude oil futures prices rose significantly in early trading on the 13th, closing with a gain of over 9%, marking the largest single-day increase since May 2020. At the start of a new trading session on the evening of the 13th, international oil prices continued to rise by over 1%. At the close on the 13th, light crude oil futures for August delivery on the New York Mercantile Exchange rose by $6.73 to settle at $78.14 per barrel, an increase of 9.42%; London Brent crude oil futures for September delivery rose by $7.29 to settle at $83.30 per barrel, an increase of 9.59%.

Analysts at ING Bank stated that the escalating conflict has reduced traffic through the Strait of Hormuz to low levels, once again raising concerns about tight oil supply in the third quarter. Rania Gule, Senior Market Analyst at global financial brokerage XS Group, said that the current trend in the energy market is not only a short-term technical rebound but also a market repricing of geopolitical risks. (Jin Shi)