The US military strikes Iranian military targets, Brent crude oil rises by nearly 2% in response.
- During early Asian trading on Tuesday, Brent crude oil futures rose nearly 2% from Monday’s close to $98.21/barrel, while US crude was up 1.7% to $91.85/barrel compared to Monday’s close. Earlier, the US military conducted military strikes in southern Iran, calling these actions “self-defense” in nature and stating that the ceasefire agreement with Iran remains valid.
- Due to the US Memorial Day holiday on Monday, the crude oil market did not settle on Monday.
- The US military confirmed that this strike targeted several locations in southern Iran, including vessels attempting to lay naval mines and missile launch sites. The operation aimed to “protect our forces from Iranian threats.” Previously, media reported explosions in Iran’s Abbas Port and coastal areas of the Strait of Hormuz.
- Since the outbreak of war, Iran has effectively blocked nearly all non-Iranian vessels from entering or leaving the Persian Gulf, disrupting about one-fifth of the world’s oil and gas shipments and driving up energy prices.
- Amid high geopolitical tensions, diplomatic contacts are still ongoing. Iran’s chief negotiator and foreign minister have arrived in Doha for talks with Qatar’s prime minister on a potential agreement with the US to end the war. Both sides stated progress has been made on a memorandum of understanding that gives negotiators 60 days to finalize a deal. Reports indicate possible terms of the agreement include Iran clearing naval mines in the strait within 30 days and ceasing to collect transit fees.
- Analysts point out that traders are heavily betting that, once a diplomatic breakthrough is achieved, oil tankers long stranded in the Strait of Hormuz will finally be allowed to resume passage.
- Actual shipping data shows that in recent days, three LNG carriers passed through the Strait of Hormuz, bound for Pakistan, China, and India, respectively. In addition, a supertanker carrying Iraqi crude that had been stranded for nearly three months is also heading to China.
- Meanwhile, US President Trump once again demanded that Iran hand over its enriched uranium to the US for destruction. This firm stance reminds the market that there remains a risk of a last-minute breakdown in the agreement, as happened during the previous five attempts. Some market analysts say this is a strong reminder that the deal could still fall apart at the last moment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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