Washington (AWP/AFP)-Oil prices experienced their second consecutive fall session on Tuesday, due to the ceasefire between Iran and Israel and the words of Donald Trump saying that China could continue to get Iranian oil.
The price of the barrel of Brent from the North Sea, for delivery in August, lost 6.84%, at 67.14 dollars, returning to its level in early June.
Its American equivalent, the barrel of West Texas Intermediate, for delivery the same month, fell from 6.04%, to 64.37 dollars.
“China can now continue to buy oil from Iran,” the American president wrote on his Truth Social platform, in an apparent inflection of the United States policy which so far tried to stem this business.
This accentuated the plunge of the black gold courses, which were already down to the announcement of the entry into force on Tuesday of a cease-fire between Iran and Israel.
On Tuesday, after a 12 -day war, no alert has been reported in Israel since 7:45 a.m. GMT and, in Iran, the army has reportedly reported Israeli attacks at 05:30 GMT.
Consequently, “the geopolitical risk premium accumulated since the first Israeli strike against Iran two weeks ago has completely disappeared,” said Tamas Varga, analyst of PVM Energy.
This premium had already been started on Monday, after the moderate response of Tehran, which launched missiles on an American military base in Qatar, the most important in the Middle East, in retaliation for the American strikes led last weekend on three Iranian nuclear sites.
Donald Trump described this response as “very weak” and wanted to “thank Iran” for having “warned” the United States “in time, which made it possible not to lose lives and not hurt anyone”.
“Iran’s reprisals were more symbolic than real, and did not do much damage,” Ole Hvalbye, analyst at SEB, told AFP.
The operators feared above all that the Strait of Ormuz was blocked, a key passage for the oil supply because a fifth of the world flows transit in it.
“Iran has threatened to close the Strait of Ormuz on numerous occasions”, but Tehran “does not have the necessary military power to impose a complete blockade of the maritime road”, ensure the analysts of Oxford Economics in a note.
Furthermore, this could prevent the exports of crude Iran, which represent a significant part of its income, they add.
AFP/Rp
