Concerns over Economic Slowdown Intensify Amid U.S.-Iran Tensions… International Oil Prices Fall 2%
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8 Articles
Returning part of the stress seen on the eve, the future oil contracts ended this Thursday (9) in a 2% fall, despite the tensions between the United States and Iran remaining high. After weeks of unpromising negotiations towards a lasting peace agreement, both countries again exchanged attacks this week, increasing the fear among investors of a broad resumption of the conflict. At the close, the Brent type oil (the world reference) with maturity…
(New York = Yonhap News) Correspondent Kim Yeon-sook = On the 9th (local time), international oil prices... due to concerns over crude oil demand resulting from the economic slowdown rather than supply disruptions caused by tensions between the U.S. and Iran.
The spectre of the global recession overcomes geopolitical fears on the energy market. Oil prices fell by more than 2% on Thursday, as investors become more and more concerned that persistent inflation and economic slowdown will bring down fuel demand. This alarm completely overshadowed the risks of supply-blocking, despite constant tensions in the Middle East.
Even though the escalating clashes between the United States and Iran entered their third day with no sign of ending, global oil prices fell by more than 2% on the 9th.
Brent closed at $76.30 per barrel and WTI at $72.08, with losses over 2%. New attacks between the United States and Iran delay normalization of transit through the Strait of Ormuz, one of the world’s major oil routes. Expectation of lower energy demand due to the global economic slowdown pushed oil prices. Oil loses ground after a day of high volatility International oil prices closed this Thursday with heavy losses after a session marked by unc…
United States and Iran re-exchanged attacks
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