As of 5:53 AM on June 16th (Vietnam time), North Sea Brent crude oil prices rose by $1.70 (equivalent to 2.3%), to $75.93 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude oil prices increased by $1.62 (2.2%), reaching $74.60 per barrel. Earlier in the session, both types of oil had at one point risen by more than $4 per barrel.
The latest clashes between Israel and Iran have heightened concerns about the potential for a regional war, with the Strait of Hormuz – a strategic shipping lane – becoming a focal point. This strait currently handles the transport of approximately one-fifth of global oil consumption, equivalent to 18-19 million barrels per day, including crude oil, condensate, and fuel oil.
Iran, a member of the Organization of Petroleum Exporting Countries (OPEC), currently produces around 3.3 million barrels per day and exports more than 2 million barrels of oil and fuel daily.
According to expert analysis, in the event of a disruption to supply from Iran, the backup production capacity of OPEC and its alliance partners, including Russia, could temporarily compensate for the shortfall equivalent to Iran's current output.
Source: https://hanoimoi.vn/gia-dau-chau-a-tang-manh-705704.html
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