Mar 15 โ€ข 22:58 UTC ๐Ÿ‡ฏ๐Ÿ‡ต Japan Asahi Shimbun (JP)

NY Crude Oil Rises Again to $100 Mark After 5 Trading Days Amid Ongoing Turmoil in the Middle East

NY crude oil prices have risen to the $100 mark for the first time in five trading days, driven by ongoing Middle Eastern tensions.

On the evening of the 15th, the futures price of West Texas Intermediate (WTI) crude oil, a major benchmark for oil prices, reached the $100 mark per barrel in trading. This marks the first time in five trading days that prices have exceeded $100, following a rise of more than 3% from the previous trading day's close. The concerns surrounding the situation in the Middle East have heightened, particularly after reports of a U.S. military attack on oil export hub Karg Island, which significantly contributes to oil exports from Iran.

President Donald Trump revealed on social media after trading on the 13th that American forces targeted Karg Island, a critical point that connects to major oil fields via pipelines and is responsible for 90% of Iranian crude oil exports. Trump made a statement indicating that a decision was deliberately made not to completely destroy oil infrastructure, but that such considerations would be re-evaluated if navigation through the Strait of Hormuz were to be obstructed.

In response, Iran's Foreign Minister, Mohammed Javad Zarif, expressed strong opposition during an interview on the 14th with U.S. media outlet MS NOW, warning that Iran would attack any energy infrastructure owned or affiliated with U.S. corporations if their oil infrastructure comes under attack. The persistent tensions in the region and uncertainties surrounding oil supplies are likely to keep driving up crude oil prices.

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