Summary
- International oil prices extended gains, with WTI futures rising to near $105.5 a barrel during intraday trading.
- Middle East geopolitical risks, tensions in the Strait of Hormuz, the U.S.-Iran conflict and declining global crude inventories are fueling concerns over supply disruptions.
- The rally in international oil prices is affecting inflation concerns, global financial-market volatility and the outlook for monetary policy in major economies, while markets watch the Middle East situation and the response of major oil producers.
Forecast Trend Report by Period
International oil prices extended gains and hit a fresh intraday high, with geopolitical risks in the Middle East and supply concerns continuing to drive the advance.
Walter Bloomberg reported on May 15 that West Texas Intermediate futures rose to near $105.5 a barrel during intraday trading.
Tensions in the Strait of Hormuz and the prospect of prolonged friction between the U.S. and Iran have heightened worries about disruptions to crude supply.
Declining global crude inventories and inflation concerns are also adding upward pressure on prices.
The rise in international oil prices is feeding through to volatility in global financial markets and the outlook for monetary policy in major economies.
Markets are focused on developments in the Middle East, whether conditions in the Strait of Hormuz stabilize, and how major oil-producing countries respond.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
