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

Odaily reported that due to the escalation of the US-Iran conflict and the US announcement of its plan to reinstate a naval blockade against 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. After the opening of the new trading session on the evening of the 13th, international oil prices continued to rise by over 1%. At the close of trading 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 close 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 a low level, reigniting concerns about tight oil supply in the third quarter. Rania Gule, senior market analyst at global financial brokerage firm XS Group, said that the current trend in the energy market is not just a short-term technical rebound, but a re-pricing of geopolitical risks. (Jinshi)