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

According to Odaily, due to the escalation of the US-Iran conflict and the US announcement of reinstating a naval blockade on Iran, international crude oil futures prices rose sharply in early trading on the 13th, closing with an increase of over 9%, marking the largest single-day gain since May 2020. At the opening of the new trading session starting 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 already reduced traffic through the Strait of Hormuz to relatively 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. (Jinshi)