Oil prices started Tuesday’s session lower, following the sharp gains recorded in the previous session, reflecting signs of easing tensions around the strategic Strait of Hormuz, one of the world’s main energy transport routes. After rising as much as 6% the day before, markets reacted to indications that the United States is managing to partially reduce the blockade imposed by Iran in the region. This development could help normalize the flow of oil from the Middle East, easing fears of a deeper supply crisis.
On Monday, the U.S. launched a new naval operation aimed at ensuring safe navigation through the strait. One concrete sign of this strategy was the departure of the cargo ship Alliance Fairfax from the Gulf, escorted by U.S. military forces—an event that helped calm markets.
As a result, Brent crude futures, the benchmark for Angolan exports, for July delivery fell 0.5% to USD 113.9 per barrel, after closing the previous session up 5.8%. Meanwhile, WTI crude dropped 1.5% to USD 104.9 per barrel, following a 4.4% increase in the prior session.
Despite the correction, the outlook remains highly volatile. Iran intensified its actions in the Gulf on Monday in response to the U.S. offensive, including attacks that reportedly struck merchant vessels. There are also reports that a major oil port in the United Arab Emirates was set on fire following an Iranian strike.
The dispute over control of the Strait of Hormuz—through which about 20% of the world’s daily oil and gas supply passes—remains the main concern for global markets. The near-total closure of the route by Iran followed an escalation in the conflict involving the United States and Israel, which began on February 28.
The recent U.S. initiative marks the most significant escalation since the announcement of a ceasefire four weeks ago, increasing geopolitical risk in the region.
Analysts note that Tuesday’s decline also reflects a technical profit-taking movement following the strong gains of the previous day. Even so, price movements are expected to remain highly sensitive to any new military or diplomatic developments in the Gulf.
Source: Expansão
