OPEC: A barrel of crude oil is around US$90 due to the conflict in the Middle East

He Petroleum of the Organization of the Petroleum Exporting Countries (OPEC) has resumed its upward path by trading on Monday at US$89.99 per barrel, 3% more than its value on Friday, according to calculations published by the oil group on its official website.

The rise of US$ 2.69 is attributed by analysts to the fear of supply cuts unleashed after the massive attack on Israel launched on Saturday by the Hamas terrorist group from the Gaza Strip, with hundreds of deaths, and the declaration of war with the who reacted Israeli government.

“This geopolitical upheaval is making oil prices Petroleum rise, since the market also values ​​the possibility of an escalation that would drag Iran into the conflict”said the Investment Director of the Abrdn management company, Maximilien Macmillan.

Amid a tacit relaxation of sanctions imposed on Tehran for its controversial nuclear program, Iran, one of the five founding members of OPEC, has been increasing its crude oil exports, especially after the oil embargo imposed by the European Union on Russia as a punitive measure for their invasion of Ukraine.

Possible scenarios for oil

Now, Investors see it possible for Washington to “tighten the screws” on Tehran and apply restrictions on its exports with greater zeal if it considers that the Government of the Islamic Republic has been involved in Hamas attacks against Israelthe firm Capital Economics stressed on Monday.

An extension of the conflict could also affect important maritime oil traffic through the Strait of Hormuz.

The increase in the price of the barrel of crude oil used as a reference by the OPEC It also coincided with the publication of the forecast that global crude oil consumption will increase by 16% to reach 116 million barrels per day (mbd) in 2045.

Monday’s rise has reversed the marked downward trend of the previous six sessions (business days), when it accumulated a loss of more than 10%.