World Oil Prices Rise as WTI Closes Above 83 Dollars

Thansettakij•Economy•14h ago

Reader Briefing

WTI crude oil prices closed slightly positive on July 20 amid volatility caused by Houthi naval blockades and potential Iran-US peace talks.

•WTI oil prices closed above 83 dollars on Monday, July 20.
•Houthi rebels in Yemen declared a naval blockade against Saudi Arabia.
•High-ranking Iranian officials indicated a mediator proposed a 10-day ceasefire for peace talks with the US.
•Kpler reports record-high seaborne crude oil volumes of 1,350 million barrels.

•West Texas Intermediate (WTI) oil prices in the New York market closed slightly positive on Monday, July 20, after fluctuating throughout the day.
•Houthi rebels in Yemen announced a naval blockade against Saudi Arabia on Monday, alleging Saudi Arabia was behind an attack on Sana Airport the previous week.
•The naval blockade by Houthi rebels is considered a new front in the war between the US and Israel against Iran, increasing risks to global energy supplies and trade.
•Ismail Baghaei, spokesperson for the Iranian Ministry of Foreign Affairs, stated on Monday that negotiations with the US can proceed if they serve national interests.
•High-ranking Iranian officials mentioned that a mediator proposed a 10-day ceasefire between Iran and the US to facilitate peace negotiations.
•Rystad Energy analysts stated oil prices could rise significantly if a ceasefire does not occur and the Strait of Hormuz remains mostly closed.
•Rystad Energy analysts noted approximately 2.5 million barrels per day of Saudi Arabian oil are at risk due to Houthi threats.
•Kpler reports that seaborne crude oil volumes are at a record high of 1,350 million barrels, which may limit price increases.

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West Texas Intermediate (WTI)(เวสต์เท็กซัส (WTI))

A crude oil contract traded in the New York market.

Houthi(ฮูตี)ℹ️

A rebel group in Yemen supported by Iran that declared a naval blockade against Saudi Arabia.

Iranian Ministry of Foreign Affairs(กระทรวงการต่างประเทศอิหร่าน)ℹ️

The government body represented by spokesperson Ismail Baghaei.

Capital.com

An entity providing analysts who commented on the impact of peace negotiation signals on oil supply concerns.

Rystad Energyℹ️

An entity providing analysts who warned about oil price surges if a ceasefire is not reached.

Kpler

An entity that reported record-high seaborne crude oil volumes.

Yemen(เยเมน)ℹ️

The location where the Houthi rebel group is based.

Saudi Arabia(ซาอุดีอาระเบีย)ℹ️

The target of a naval blockade by Houthi rebels.

Iran(อิหร่าน)ℹ️

A country involved in potential peace negotiations with the US and a supporter of the Houthi rebels.

United States(สหรัฐฯ)ℹ️

A country involved in potential peace negotiations with Iran.

Sana Airport(ท่าอากาศยานซานา)

The airport that was attacked the week prior to the Houthi blockade.

Israel(อิสราเอล)ℹ️

A country involved in a war alongside the US against Iran.

Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️

A maritime passage where supply disruptions could impact oil prices.

Red Sea(ทะเลแดง)ℹ️

The area where Houthi rebels threaten shipping.

Ismail Baghaei(เอสมาอิล บาเกอี)

Spokesperson for the Iranian Ministry of Foreign Affairs.