On the morning of June 16, the price of North Sea Brent crude oil increased by 1.70 USD, equivalent to 2.3%, to 75.93 USD/barrel; the price of US light sweet crude oil (WTI) increased by 1.62 USD, or 2.2%, to 74.60 USD/barrel.
Oil prices rose sharply in early Asian trading on June 16 after Israel and Iran carried out new military operations on June 15, raising concerns that the escalation could spark a wider regional conflict and severely disrupt oil exports from the Middle East.
At 5:53 a.m. on June 16, Vietnam time, the price of North Sea Brent crude oil increased by 1.70 USD, equivalent to 2.3%, to 75.93 USD/barrel, while the price of US light sweet crude oil (WTI) increased by 1.62 USD, or 2.2%, to 74.60 USD/barrel. Earlier in the session, the prices of both types of oil had increased by more than 4 USD.
The latest military actions targeting each other between Israel and Iran have raised concerns about the possibility of a spillover into a regional conflict.
These latest developments have raised concerns about the risk of disruption in the Strait of Hormuz, an important shipping route.
About one-fifth of the world 's total oil consumption passes through the strait, equivalent to about 18-19 million barrels of oil, condensate and fuel per day.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million barrels of oil per day and exports more than 2 million barrels of oil and fuel per day.
Analysts and observers say that if oil supplies are disrupted, the spare production capacity of OPEC and its allied oil producing countries, including Russia, can compensate for an amount equivalent to Iran's current output./.
Source: https://baolangson.vn/gia-dau-chau-a-tang-manh-do-lo-ngai-ve-cuoc-xung-dot-israel-iran-5050258.html
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