Kathmandu. The Iran war has spoiled Donald Trump’s game and this war seems to be bringing one big crisis after another on America. The US-Iran war has deepened the oil and gas crisis in many countries of the world dependent on oil imports.
Meanwhile, everything from inflation to rising petrol prices in the US has added to Trump’s tensions. Now a new problem has emerged. In fact, crude oil reserves in the US strategic reserves have fallen to the lowest level since 1982.
Rising crude oil prices
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First, let’s discuss the latest crude oil prices. In the international market, Brent crude oil futures rose 52 cents, or 0.47%, to $110.07 a barrel by 0628 GMT. That reached $110.70 in the previous session. This is the highest level since May 20. In addition, the price of WTI crude oil is trading at $100. Meanwhile, the price of crude oil has crossed $111 per barrel.
Now let’s talk about the new tensions between the US and Donald Trump. According to data from the US Department of Energy, US crude oil reserves in the Strategic Petroleum Reserve (SPR) fell to 282.7 million barrels last week. This is the lowest level since October 1982. This comes after 172 million barrels of oil were withdrawn under the release agreement. This coincides with growing concerns about energy supplies in the Gulf region. The Iran war has played a major role in this.
Oil prices soar due to ship attack
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Oil and gas ship tracking firm Kepler reported that at least 18 ships were attacked in two weeks. This has maintained a risk premium on oil prices. Yemen’s Iran-backed Houthi rebels have claimed responsibility for attacks on Saudi Arabia’s energy sites, airports and military bases. These include the Aramco plant in Yanbu and the Shaybah oil site. On Monday, 58 people were killed and more than 200 wounded in a Houthi attack on a government security forces training camp in Yemen’s Shabba province. This has raised concerns about regional stability and energy supplies.
What do the experts say?
Analysts at ING are saying that the risk premium in the oil market is high amid the volatility. If the flow of oil continues, it may gradually subside, but there is no sign of it slowing down yet. Apart from this, experts say the uncertainty around sanctions and tariffs related to Russia has also affected market sentiment.
President Donald Trump issued an executive order lifting major sanctions and tariffs related to Russia. However, he said he had not yet made a final decision. Secretary of State Marco Rubio said officials needed more time to assess the situation.
According to the International Energy Agency, Russian crude oil production rose by 65,000 barrels per day to 8.43 million barrels per day in September. This is about 870,000 barrels per day lower than the previous year’s level.
According to Tim Waterer, chief analyst at KCM Trade, additional diesel supplies from Russia have provided some relief. However, traders are focused on the risk of further damage to Middle East energy infrastructure. – Agency
