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On Tuesday(December 26th)in New York,international crude oil prices expanded their gains,with both major benchmarks rising by over 3%.
The specific market situation shows that as of the time of publication,the price of WTI crude oil futures in the United States has risen by more than 3.3%,returning above$76 for the first time since December 1st;
Brent crude oil futures prices also rose by over 3%to$81.25 per barrel,rebounding to near this month’s high.
Media analysis suggests that the continuation of last week’s rise in oil prices is mainly due to the increasingly tense geopolitical situation in the Middle East and investor optimism that the Federal Reserve will soon begin to cut interest rates.While boosting global economic growth and fuel demand prospects,the latter has also suppressed the trend of the US dollar index,resulting in a significant boost in the price of crude oil denominated in US dollars.
In addition,since mid month,the Yemeni Hussai armed forces have expanded their range of attacks on Israeli targets,starting to strike”ships related to Israel”in the Red Sea and continuously escalating related threats,resulting in multiple cargo ships being attacked in nearby waters.Therefore,multiple shipping companies have announced a diversion to avoid this route.
The Suez Canal is located north of the Red Sea,connecting the Mediterranean Sea and is the fastest sea route between Asia and Europe.Approximately 15%of global sea trade passes through it,including nearly 30%of container trade.The International Chamber of Shipping warns that detours will increase navigation costs,increase shipping days,and correspondingly delay delivery times.
Affected by this,international oil prices have seen a significant increase recently,with both US and Brazilian oil prices rising nearly 3%last week.Earlier in the day,the official website of the UK Maritime Trade Action Office announced that a ship sailing near the coast of Yemen reported two explosions in the Red Sea after witnessing two drones flying by.
Last week,the United States announced the formation of a maritime coalition called the”Guardian of Prosperity”to deter it.In response,Hussein’s armed leader Abdul Malik Hussein issued a warning that if the United States initiates military action against the armed group,it will launch attacks on US warships and interest institutions in the Middle East.
Yesterday,the Iranian Islamic Revolutionary Guard issued a statement stating that its senior advisor to Syria,Sayyid Razi Mousavi,was killed in an Israeli attack on the outskirts of Damascus in Syria.Iranian President Lehi said that Israel will”pay the price”for this.The escalating trend of the Israeli Palestinian conflict may trigger a new wave of concerns.
However,analysts have not seen a significant improvement in their outlook on oil prices.CMC Market analyst Leon Li said that although the hope of the Federal Reserve’s interest rate cut and the Red Sea conflict have led to a rebound in oil prices,the announcement by shipping giant Maersk Shipping Group of Denmark to restart Red Sea shipping has to some extent eased supply concerns.