Oil prices barely changed at a high level on Friday.
There is still no end to the Iran war in sight. Most recently, a barrel (159 liters) of the North Sea Brent variety for delivery in May cost 100.28 US dollars. For comparison: before the start of the war the price was around 73 dollars.
The release of oil reserves by the International Energy Agency in midweek has not yet led to a sustained reduction in levels.
“The price jump is triggered by concerns about a prolonged closure of shipping traffic through the Strait of Hormuz, which is currently causing the oil market to lack around a fifth of the supply,” commented Commerzbank analyst Carsten Fritsch. There are no signs of a quick end to the war, despite US President Trump’s statements to the contrary. “Rather, the election of the son of the slain Ayatollah Khamenei, who is considered a hardliner, as the new Supreme Leader in Iran has actually increased the risk of a longer-lasting conflict,” writes Fritsch.
Meanwhile, the US government wants to counteract the sharp rise in oil prices: In order to improve supply on the world market, countries are temporarily allowed to buy Russian oil that is already on ships. The temporary exemption from US sanctions should apply until April 11th.
“This is the most significant oil supply disruption since the 1970s,” said Philip Jones-Lux, senior market analyst at Sparta Commodities, referring to previous supply shocks in the Middle East. “The clearance from the International Energy Agency (IEA) will help keep prices away from astronomical levels, but probably only for a short period of time,” he added.
NEW YORK/LONDON (dpa-AFX)
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