Oil is moderately declining after morning growth

On Monday morning, benchmark oil prices rose significantly amid news of the death of the US military in Jordan as a result of drone attacks.

Brent oil quotes rose to the level of $84.16 per barrel, WTI oil prices rose to $79.28 – the highest values since October 2023. However, during the day, both benchmarks showed a moderate decline: Brent – to $82.37 per barrel, WTI – to $77.40. 

Last week, prices were supported by data on a decrease in oil reserves and production in the United States. In addition, statistics from the oilfield services company Baker Hughes showed that over the past week the number of operating oil drilling rigs in the United States increased by 2, reaching 499 units. While the number of gas installations decreased by one, reducing to 119.

The price jump today came after news of a drone attack on an American base in Jordan, which led to the death of three soldiers and the wounding of 34 others. US President Joe Biden said that Iranian-backed paramilitary groups were responsible for the attack. 

This has raised concerns about the possible consequences and reactions of the United States and Iran, including the closure of the Strait of Hormuz, which could significantly affect global oil flows.