Brent crude, the benchmark for Angolan oil exports, is up 0.74% to USD 77.27 per barrel. Oil prices have once again risen above USD 70 per barrel, the reference value set by the Angolan Government in its 2025 State Budget (OGE).
Prices climbed on Wednesday following news that Israel attacked the heavy water nuclear reactor in Arak, Iran, after Iranian missiles struck a hospital in southern Israel and locations around Tel Aviv.
These are the highest levels since October 2023, when the Hamas-Israel conflict began. Subsequently, prices corrected slightly downward after reports indicated that Iran’s oil export infrastructure had not been affected.
Around 09:00 AM in Luanda, Brent crude had risen 0.74% to USD 77.27 per barrel, while West Texas Intermediate (WTI), the U.S. benchmark, was up 1.05% to USD 75.93 per barrel.
Despite the spike, oil remains below the USD 70 per barrel mark used in Angola’s 2025 budget forecasts.
The U.S. continues to consider the possibility of launching an attack on Iran, which has caused volatility in oil markets. The main concern remains the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply passes. So far, however, Tehran has shown no signs of intending to disrupt crude transportation through the channel.
Source: Expansão
