New York Oil Prices Rising With An Eye On Middle East Risks

New York oil prices rose slightly as investors assessed Middle East risks. On the 5th (local time) at the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) delivered in March ended trading at $72.78 per barrel, up 50 cents (0.69%) from the previous day.

Oil prices rebounded after four trading days. Investors are watching the conflict between the United States and Iran. After three American soldiers stationed in Jordan were killed in an airstrike by the Iran-linked Islamic Resistance in Iraq (IRI) on the 28th of last month, the United States retaliated with a series of retaliatory airstrikes against the Iranian Revolutionary Guard and related militias in Syria and Iraq on the 2nd of this month, and against pro-Iranian Yemeni rebels on the 3rd. did.

Iran announced that it would respond strongly if the United States attacked its territory, but adjusted its tone, saying, “Iran does not want to worsen tensions and crises in the region.”

U.S. Secretary of State Tony Blinken visited Saudi Arabia on this day to discuss the situation in the Middle East, which was triggered by the Israel-Hamas war and is showing signs of spreading, but it is unclear whether it will lower tensions in the region.

“The bigger fear is that the conflict will escalate further or involve Iran,” Tariq Zahir, a managing director at Tyke Capital Advisors, told Market Watch. “This could have a significant impact on oil supplies through the Strait of Hormuz.”

Last Saturday, there was news in Russia that a major oil refinery in southern Russia was hit by a Ukrainian drone attack. “This assault on Russian crude supplies is starting to take its toll,” John Kilduff, partner at Again Capital, said in a report.

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