Global oil prices sharply changed on Tuesday following news from the Middle East. American WTI crude lost over 5%, even as the US simultaneously reported new strikes on Iran.
On Tuesday, the oil market came under significant pressure following signals of a possible easing of tensions between the US and Iran.
The price of American WTI crude oil fell by 5.46% to $91.33 per barrel.
In contrast, European Brent crude oil rose by 1.6% to $97.68 per barrel.
The sharp fluctuations are primarily linked to investors' expectations regarding the situation in the Middle East. The day before, prices had already dipped below the psychologically important mark of $100 per barrel amid hopes for a possible agreement between Washington and Tehran.
The question of the Strait of Hormuz — one of the key oil supply routes — is particularly important for the global market. Any signals regarding its potential reopening or reduced risk of disruptions immediately impact prices.
However, the situation remains extremely unstable. While Iranian representatives arrived in Doha for negotiations to end the war, the US Central Command reported new strikes in southern Iran.
Washington stated that the strikes were carried out "in self-defense."
Currently, the oil market is effectively reacting to two opposing signals: on one hand, fears of further escalation of the conflict, and on the other, hopes for a diplomatic resolution.
For Europe, including the Baltic states, fluctuations in oil prices are particularly significant due to their potential impact on fuel costs, transportation, and inflation. However, changes at gas stations typically manifest with a delay.
Analysts note that the market remains extremely nervous, and any news from the Middle East can trigger sharp price spikes within just a few hours.
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