Due to the ongoing military conflicts between the United States and Iran in the Middle East, international crude oil futures prices rose significantly on the 19th as the new week began. The price of Brent crude oil futures exceeded $90 per barrel.
According to CNBC's report on July 19 local time, the international benchmark Brent crude oil contract for September delivery rose by about 2.77%, breaking through $90 per barrel; the US West Texas Intermediate crude oil contract for August delivery climbed by about 2.4%, closing at $84.49.
The latest upgrade occurred after the U.S. military confirmed that another American soldier was killed in a recent operation. Meanwhile, investigators found unidentified remains near an Iranian attack site in Jordan. This attack had previously resulted in the death of two U.S. soldiers and the disappearance of another person.
The US military has conducted attacks against Iranian targets for the ninth consecutive night. "These attacks will continue to weaken Iran's military capabilities to attack merchant vessels and civilian sailors passing through the Strait of Hormuz," said a statement released by the US Central Command on the X platform.
Quantum Strategy Company's David Roach stated in a report on Monday that as exports from the Gulf region decrease, the global crude oil market has become significantly tight.
According to the current consumption rate, crude oil reserves will become strained by September, even the United States will feel pressure. This will further increase the “TACO” pressure facing President Trump. Maintain Brent Crude long position, target price of $95-$105 per barrel.
Trump has been using a combination of political pressure and geopolitical policies to address the oil price issue. On June 29th local time, U.S. President Trump criticized heavily various gasoline retailers for not lowering prices in time, stating that current oil prices were "excessive," and warned that immediate price cuts would lead to serious consequences.
