Brent Crude Surpasses $91, WTI Approaches $85

International oil prices have risen for three consecutive days amid instability in the Middle East. Brent crude finished trading at $91.02 per barrel, while WTI closed at $84.95. Both benchmarks recorded their highest levels since July 24. The recent increase in oil prices is analyzed to be influenced more by the risk premium associated with maritime routes in the Middle East rather than signals of supply shortages. The rising factors include uncertainties surrounding the Strait of Hormuz, where negotiations between the United States and Iran have shown no progress. President Donald Trump mentioned that there are no talks with Iran, indicating that maritime blockades are ongoing. The Strait of Hormuz is a major route for global oil transportation, and any disruption in passage could have an immediate impact on oil and gas prices. Concerns over maritime security remain, and tensions in Middle Eastern oil export routes have not fully alleviated market anxieties. Saudi Arabia is exploring oil trading options off the coast of Oman, but it is assessed that alternative routes cannot completely replace the free passage through the strait. The rise in oil prices affects gas station prices and inflation, which could influence the sentiment towards risk assets such as Bitcoin. However, there is insufficient evidence to definitively determine the direction of cryptocurrency prices based solely on rising oil prices.

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