Brent rises 4.93% and exceeds $85 amid supply fears in the Middle East

Madrid.- Brent crude oil for delivery in May rose 4.93% this Thursday and exceeded $85 at the close of the session on the London Futures Market due to concerns about the supply of crude oil in the Middle East region derived from the growing war between the United States and Israel against Iran.

North Sea crude, a benchmark in Europe, ended the trading day at $85.41, an increase of $4.01 compared to the previous session, when it closed at $81.40. Brent reacted upwards and reached its highest levels since July 2024 as uncertainty about the duration and escalation of the war between the United States and Israel against Iran looms over investors and fuels their fears of disruptions in the supply from the Middle East. On the sixth day of conflict, black gold extended its gains as the market continues to focus on the Strait of Hormuz, located between the Persian Gulf and the Gulf of Oman, and through which 20% of the world’s maritime crude oil traffic passes. We recommend reading:

Strategic Step

The strategic passage is de facto closed by Iran and, according to data published by the British association Lloyd’s Market Association, traffic has plummeted since the beginning of the war, going from around a hundred ships a day to only forty since March 1st. Any type of disruption to traffic in Hormuz, key to the global oil and gas trade, has a direct impact on the price of oil, and some analysts predict that if the conflict extends over time and the passage continues to be obstructed, crude oil could skyrocket to $100 or $150 a barrel. US President Donald Trump said this week that he planned to deploy escorts and offer political risk insurance so that shipping companies could cross Ormuz, but the White House refused on Wednesday to set deadlines and said it would only do so “when necessary”, which brought fear back to the market.