International oil prices saw their largest single-day increase in 6 years

Odaily Planet Daily reported that due to the escalation of the US-Iran conflict and the US announcement to reinstate the naval blockade of Iran, international crude oil futures prices rose significantly in early trading on the 13th, closing with an increase of over 9%, marking the largest single-day gain since May 2020. In the new trading session that began on the evening of the 13th, international oil prices continued to rise by more than 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 escalation of the 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 firm XS Group, said the current trend in the energy market is not just a short-term technical rebound but a repricing of geopolitical risks by the market. (Jinshi)