Dhe oil prices continued to rise on Tuesday. This continued the previous day's trend as the United States government announced that it would no longer grant derogations for oil imports from Iran as of May. A barrel (159 liters) of the North Sea Brent last cost $ 74.48. That was 44 cents more than on Monday. The price of a barrel of the American West Texas Intermediate (WTI) rose 47 cents to $ 66.02.
Immediately after yesterday's decision, oil prices had risen sharply. Imports of Iranian oil into Italy, Greece, China, India, Japan, South Korea, Taiwan and Turkey have not yet been punished. The eight states are among the most important importers of Iranian crude oil. If these countries continue to receive oil from Iran after the deadline, they face sanctions from the Americans.
America put its hitherto toughest economic sanctions on Iran into force in November. These are aimed primarily at the Iranian oil industry, the largest source of revenue in the country. The United States accuses Iran of providing financial support to terrorist groups.
Saudi Arabia has meanwhile announced through its Secretary of Energy, Chalid al-Falih, that it will coordinate with other OPEC countries to ensure that sufficient supplies are available and that the market "does not lose its balance". According to Al-Falih, the country is watching the development of oil markets closely. According to Bloomberg, Saudi Arabia produced 9.82 million barrels a day in March.
However, many investors doubt that other export countries could fully offset the losses. Since January, the price of the Brent variety has increased by more than 30 percent, and the price of the WTI variety has even increased by more than 40 percent.
Analysts are therefore assuming a further increase in oil prices. "The WTI price is likely to rise further in the short term, 70 dollars are the next target," says Milan Cutkovic, market analyst at AxiTrader. Other market participants also see good chances that the North Sea Brent variety could reach the € 80 mark soon.
Rising oil prices are now fueling investors' speculations on the stock markets on gyrating profits at the oil companies. BP, Shell or Total share prices rose as much as two percent on Tuesday. In contrast, the share certificates of airlines, where fuel is the biggest cost factor, have to make do with price losses. Papers of Deutsche Lufthansa, Air France-KLM and the British Airways parent company IAG temporarily reduced in price by up to 3.4 percent.
. (tagsToTranslate) Oil Price (t) Dollar (t) Iran (t) United States (t) Brent (t) West Texas Intermediate