After reaching the highest level since January, oil lost some of its gains during today’s dealings, amid anticipation of an Iranian response to American attacks on 3 Iranian nuclear facilities and demanding the Iranian parliament to close the Strait of Hormuz.
And After crude prices rose by more than 3% to $ 81.40 a barrel in the beginning of trading Brent crude futures fell to $ 76.87.
AndAfter US crude for futures increased to $ 78.40 a barrel at the beginning of trading, he fell to $ 73.68 a barrel.
The high prices came after the American president said Donald Trump He “eliminated” Iranian nuclear sites The main in dawn strikes on Sunday, to join an Israeli attack in an escalation of the conflict in The Middle East With Tehran’s vow to defend herself.
Iran is the third largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC).
Market dealers expect more prices in the market amid increasing fears that the Iranian response includes a closure Hormuz Strait Through which he flows almost five global crude supplies.
“The current geopolitical escalation constitutes a main motivation for the high prices of Brent crude, and perhaps the trend to record the price of $ 100 (a barrel), with the increasing probability of reaching $ 120 a barrel,” said SAS Wilth Street Research Foundation in New Delhi, Sujanda Sashdiva.
Iran said today, Monday, that the American attack on its nuclear sites expanded the scope of the legitimate targets of its armed forces, and described US President Donald Trump as “gamble” because of his joining the Israeli military campaign against Iran.
“The risk of oil infrastructure is damaged,” said John Joe.
She added that despite the presence of alternative roads across the pipelines outside the region, there will remain a quantity of crude oil that cannot be exported entirely if the Strait of Hormuz becomes closed, and indicated that the departure of shipping companies from the region will increase.
Goldman Sachs Bank said in a report issued on Sunday that Brent crude may reach a peak for a short period of $ 110 a barrel if oil flows decrease through the biological waterway to half for a month, and they remained low by 10% within the next 11 months.
The bank has thus assumed that there is no major disruption in oil and natural gas supplies, and to add global incentives to try to prevent continuous and huge interruption.
Brent crude rose 13% since the conflict began on June 13, while West Texas Intermediate crude increased by 10%.
Sashdiva stated that because the Strait of Hormuz is indispensable for exports Iran The oil, which is a fundamental source of Tehran’s revenues, continuously closing it would cause severe economic damage to Iran itself, making it a two -edged weapon.
gold
Gold prices stabilized as investors preferred the dollar after the American attack on Iranian nuclear sites yesterday.
Gold settled in instant transactions at $ 3366.25 an ounce with a slight decline, and US gold futures fell 0.18% to $ 3380.1 an ounce.
“The American strikes on Iranian nuclear installations led to the demand for the dollar to buy as a safe haven in the currency market,” said Tim Water, chief market analyst in K.M. Tim Water.
He added: “The rise in the value of the dollar led to the decline in gold, and caused a weak, unusual performance of the precious metal, despite the risks resulting from the conflict.”
The dollar rose 0.65% against the main currencies, which increased the cost of gold on other currencies.
On Sunday, the US President raised the issue of regime change in Iran in the wake of US strikes on major military sites, while senior officials warned of his administration. Tehran From the response.
Tehran vowed to respond a day after dropping US Oarning bombs of 30,000 pounds on the mountain over the Iranian Fordo nuclear site.
The exchange of missile attacks between Iran and Israel continued, and an Israeli military spokesman said that Israeli combat aircraft struck military targets in western Iran.
Reuters analyst Wang Tao said that gold prices in instant transactions may test support level at $ 3348 an ounce, and landing without this level may pave the way for its decline to 3324 dollars.
As for other precious metals, its performance was as follows:
- Silver in instant transactions increased 0.5% to $ 36.18 an ounce.
- Platinum rose 2.35% to $ 1298.22.
- Palladium increased 1.88% to $ 1067.70 an ounce.