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WTI Oil Hits 4-Week High Amid Middle East Tensions

WTI Oil Hits 4-Week High Amid Middle East Tensions

Thansettakij•Economy•6d ago

Reader Briefing

WTI crude oil prices reached a nearly four-week high on August 19 due to escalating geopolitical tensions in the Middle East.

  • •WTI crude oil prices closed at 85.83 dollars on August 19.
  • •The UAE suspended all financial and economic transactions with Iran following missile attacks.
  • •The US and Iran maintain tense relations after a ceasefire agreement ended without extension.
  • •Shipment traffic through the Strait of Hormuz has decreased according to Kpler data.

Overview

  • •WTI crude oil prices closed at 85.83 dollars on August 19, the highest level in nearly 4 weeks.
  • •The UAE government suspended all financial and economic transactions with Iran after Iran fired missiles targeting the UAE.
  • •The UAE Ministry of Defense reported on August 18 that air defense systems detected two missiles from Iran, one falling outside and one inside UAE territorial waters.
  • •US President Donald Trump stated on August 18 that the US has no negotiations with Iran after a ceasefire ended without extension.
  • •Iran's Parliament Speaker Mohammad Bagher Ghalibaf stated the Strait of Hormuz remains closed until the US meets Iranian demands, including lifting the naval blockade.
  • •Sources report Iran is evaluating potential attacks on US assets or bases in Southeast Europe, such as Bulgaria, or potentially Cyprus.
  • •Kpler data showed only 6 cargo ships passed through the Strait of Hormuz on August 18, down from 9 the previous day and below the 10-day average of 11 ships.
  • •The EIA reported last week that crude oil stocks increased by 4.4 million barrels, gasoline stocks increased by 688,000 barrels, and distillate stocks decreased by 1.5 million barrels.

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Key Entities

Place

United Arab Emirates(สหรัฐอาหรับเอมิเรตส์)ℹ️
A country that suspended financial and economic transactions with Iran after missile attacks.
Iran(อิหร่าน)ℹ️
A country accused of firing missiles at the UAE and evaluating attacks on US assets in Europe.
Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️
A maritime passage where shipping traffic has slowed and is a point of contention between Iran and the US.
United States(สหรัฐอเมริกา)ℹ️
A country with tense relations with Iran and military bases in Southeast Europe.
Bulgaria(บัลแกเรีย)ℹ️
A country in Southeast Europe that allowed the US military to use Bezmer Air Base for refueling.
Cyprus(ไซปรัส)ℹ️
A potential target for Iranian attacks if the US starts new military operations.

Organization

BOK Financial
An entity whose analysts stated oil prices are supported by geopolitical tensions in the Middle East.
UAE Ministry of Defense(กระทรวงกลาโหมของ UAE)
The body that reported the detection of two missiles fired from Iran on August 18.
North Atlantic Treaty Organization(องค์การสนธิสัญญาป้องกันแอตแลนติกเหนือ)ℹ️
An organization that declared readiness to handle threats from Iran to protect its allies.
Kpler
A provider of shipping data regarding vessels passing through the Strait of Hormuz.
Energy Information Administration(สำนักงานสารสนเทศด้านการพลังงานของรัฐบาลสหรัฐฯ)ℹ️
A US government agency that reports on crude oil, gasoline, and distillate stock levels.

Person

Donald Trump(โดนัลด์ ทรัมป์)ℹ️
The leader of the United States who stated there are no negotiations with Iran.
Mohammad Bagher Ghalibaf(โมฮัมหมัด บาเกอร์ กาลีบาฟ)ℹ️
The Speaker of the Iranian Parliament who stated the Strait of Hormuz remains closed.