The latest exchange of attacks between the USA and Iran, the first in over a month, is causing a new escalation in oil prices. Brent, the benchmark for national imports, briefly traded above 90 dollars per barrel. At 8:36 am, prices eased slightly, but Brent was still up 1.98%, at 89.84 dollars, while the American WTI gained 1.7%, at 84.82 dollars.
On Sunday, the American army attacked two Iranian rocket launchers located on Larak Island, situated in the Strait of Hormuz. The USA publicly claimed that Iranian forces were preparing to launch new mines over the Strait, after the USA had concluded, the previous week, a mine-clearing operation on international shipping routes in that region.
Iran promised to retaliate and launched missiles directed at American military bases in Jordan, although the projectiles were intercepted by American forces. The Iranian attack underscores, according to analysts, Iran's determination to hinder circulation in the Strait of Hormuz.
Investors are reassessing the risk of renewed conflict and admit a possible prolongation of the Strait of Hormuz blockade. Suvro Sarkar, from DBS Bank, stated that limited confrontations are seen as more likely than a prolonged escalation, but that each new aggravation of tensions affects the timelines for the reopening of the Strait.
