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

Odaily reported that due to the escalation of the US-Iran conflict and the US announcement of resuming its naval blockade of Iran, international crude oil futures prices rose sharply in early trading on the 13th, closing with a gain of over 9%, marking the largest single-day increase since May 2020. In the new trading session that opened 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%; Brent crude oil futures for September delivery on the London ICE Futures Exchange 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 XS Group, said that the current trend in the energy market is not just a short-term technical rebound, but a market repricing of geopolitical risks. (Jin Shi)