Global oil prices experienced a significant drop following the announcement of a conditional ceasefire and the reopening of the Strait of Hormuz oil pipeline. The price of Brent crude, the global benchmark, increased by 2.2% to $96.70 per barrel (158.98 liters). American oil, traded on the American stock exchange, rose by 2.8% to $96.90 (€83.09).
However, the market reaction has been volatile. The price of crude oil has decreased by approximately 13.6% since yesterday, while American oil has lost over 14% of its value. Despite these declines, both prices surpassed $100 per barrel on Tuesday.
These fluctuations occur amidst ongoing tensions in the region. Shortly after the ceasefire agreement, Israel initiated a series of attacks targeting Lebanon. It’s important to note that oil prices remain substantially higher than levels observed prior to the conflict, which began on February 28th.
The market continues to respond to geopolitical developments and supply considerations.
