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The Middle East situation touches the international oil price nerve


Affected by the geopolitics in the Middle East and the increase in US crude oil inventories, from May 10 to 23, the international crude oil futures price fluctuated greatly and turbulently, which affected the nerves of all parties.

On May 21, international oil prices continued to rise due to concerns about rising political risk in the Middle East. The light crude oil futures (WTI) for June delivery on the New York Mercantile Exchange rose $0.31 to $63.41 a barrel. The London Brent crude for July delivery rose $0.23 to close at $72.2 a barrel. Both maintained their highs since late April.

However, on May 23, the international oil price showed a "flash collapse" market. US government officials said that the recent military goal is to shock Iran, hoping to prevent further escalation of the situation, coupled with the impact of a substantial increase in US crude oil inventories, the US WTI crude oil once fell more than 6%, closing at 58.43 US dollars / barrel, Brent crude oil Futures prices fell more than 5% to $68.54 a barrel.