The price of Brent crude oil, the benchmark for Angolan exports, rose 0.33% to $76.70 per barrel for August delivery on Wednesday on the London futures market.
This price increase comes amid ongoing conflict between Israel and Iran, following six days of drone and ballistic missile exchanges, and concerns over possible U.S. involvement and the potential impact on the region’s energy infrastructure and oil supply, according to Lusa.
U.S. President Donald Trump stated yesterday that a military strike on Iran remains a possibility, adding that “no one knows” what his decision will be.
Brent crude is currently trading at its highest level in five months, after surging 4.4% in the previous session, as investors fear that escalating tensions may lead Iran to block the Strait of Hormuz — a strategic chokepoint through which one-fifth of global oil supply passes.
However, analysts at Kpler stated on Tuesday that the likelihood of such a move remains “low.”
Source: Jornal de Angola
