The price of WTI rose by more than 5% on Tuesday, March 17 in the morning, and Brent gained 4.6%, as strategic energy installations in the Middle East came under new attacks.
Oil prices accelerated their rebound on Tuesday, soaring by over 5%, driven by persistent concerns about Middle Eastern crude supply where strategic energy installations are facing new attacks.
Prices had slightly fallen the day before, but this morning around 7:15 a.m. French time, the West Texas Intermediate (WTI) barrel, the American reference, was up 5.16% at $98.32. The Brent barrel from the North Sea, the global market reference, also rebounded by 4.67% to $104.88.
These increases come as uncertainty persists regarding the formation of a coalition led by the United States to protect navigation in the Strait of Hormuz. Among the countries requested by Donald Trump, none have shown enthusiasm for military intervention in this war unilaterally triggered by the US and Israel.
“The Trump administration is sending mixed messages about the duration of the war, while the market is focusing more on the actions on the ground that remain sources of escalation,” said Saul Kavonic, head of energy research at MST Marquee, to CNBC.
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