Yesterday, the price of crude oil Brent rose above $ 71 per barrel for the first time from attacks between Israel and Iran, says Commerzbank raw material analyst Barbara Lambrecht.
Russian oil exports have already weakened
“One reason for this was the strong imports of crude oil from China (see below), the other was the announcement of the US president, Donald Trump, of an ‘important statement’ on additional actions against Russia. More strict sanctions were feared Russia.”
“The secondary sanctions would threaten the buyers of Russian oil, mainly to China and India. The announcement was received with relief. On the one hand, the dreaded shortage (in the short term) of oil supplies has been avoided due to new immediate sanctions. On the other hand, the threat is so massive that it is only credible in a limited measure. The price of crude oil $ 70 per barrel. “
“However, it should be noted that Russian oil exports have already weakened, according to the IEA. With 7.23 million barrels per day, oil exports marked the lowest level of June since 2021. This raises the question of whether Russia can maintain its production capacity.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
