#BrentHits$110ForFirstTimeSinceMay
๐ข๏ธBrent crude oil rose above $110 per barrel, reaching its highest level since May due to geopolitical crises and tightening supply. ๐
๐จ 3 Main Reasons for the Rise
โ Strait of Hormuz Crisis: Oil flows through the strait fell from 17.15 million barrels per day to 11.62 million due to Houthi attacks on oil tankers and infrastructure.โ๏ธ Refinery Attacks: Ukraine's drone strikes on Russian oil refineries undermined global diesel and fuel supplies.๐บ๐ธ Decline in U.S. Inventories: U.S. commercial crude oil inventories unexpectedly fell by 8.56 million barrels.
๐ Latest Market Data
๐ข๏ธ Brent Crude: $109.86 (topped $110 during the day, weekly gain of 4.9%)๐บ๐ธ WTI Crude: $101.41 (weekly gain of 10.4%)โฝ U.S. Gasoline Price: Rose to $4.33 per gallon.
๐ฎ What to Expect?
High oil prices are driving up global shipping costs and fueling inflation. Brent crude is expected to remain in the $105โ$115 range as long as geopolitical risks remain unresolved.
#BZUSDT #BRENTOIL $ETH $BTC
๐ข๏ธBrent crude oil rose above $110 per barrel, reaching its highest level since May due to geopolitical crises and tightening supply. ๐
๐จ 3 Main Reasons for the Rise
โ Strait of Hormuz Crisis: Oil flows through the strait fell from 17.15 million barrels per day to 11.62 million due to Houthi attacks on oil tankers and infrastructure.โ๏ธ Refinery Attacks: Ukraine's drone strikes on Russian oil refineries undermined global diesel and fuel supplies.๐บ๐ธ Decline in U.S. Inventories: U.S. commercial crude oil inventories unexpectedly fell by 8.56 million barrels.
๐ Latest Market Data
๐ข๏ธ Brent Crude: $109.86 (topped $110 during the day, weekly gain of 4.9%)๐บ๐ธ WTI Crude: $101.41 (weekly gain of 10.4%)โฝ U.S. Gasoline Price: Rose to $4.33 per gallon.
๐ฎ What to Expect?
High oil prices are driving up global shipping costs and fueling inflation. Brent crude is expected to remain in the $105โ$115 range as long as geopolitical risks remain unresolved.
#BZUSDT #BRENTOIL $ETH $BTC