He Texas Intermediate Oil (WTI) soared 8.69% this Tuesday, to $77.42 per barrel, in the second session after the offensive by the United States and Israel against Iran that began on Saturday and the subsequent response of the Persian country, which threatens the global supply of crude oil.
After the opening of Wall Street, WTI futures contracts for delivery in April totaled $6.19 compared to Monday’s close, when it ended at $71.23 a barrel.
Texas already closed this Monday with a rise of 6.28% in what was the first day of market movements after the start of the attacks by the United States and Israel on Iran, which ended with the death of its supreme leader, Ayatollah Ali Khamenei, and a large part of its military leadership.
Ebrahim Yabarigeneral of the Iranian Revolutionary Guard, warned that they will set fire to any ship that tries to cross the Strait of Hormuz, key for global crude oil transportation, through which around 15 million barrels pass daily, representing 20% of the world’s oil.
The president of the United States, donald trumpinsisted this Tuesday that Iran wants to negotiate but warned that, with its military capabilities destroyed, Tehran has been too late to dialogue.
The president assured that the war will last “as long as necessary,” and raised the possibility that it could last more than five weeks, the period he initially targeted.
Tehran has responded to the US bombings with air attacks against Israel and countries in the region that have US military bases such as Kuwait, Bahrain, Qatar, Saudi Arabia or the United Arab Emirates.
Given the prospect of Iran hindering crude oil movements through the Strait of Hormuz, the OPEC+ oil allianceled by Saudi Arabia and Russia, announced last Sunday a production increase of 206,000 barrels per day.
