https://www.instagram.com/vanessaclarkipaiThis is your Crude Oil podcast.Hey everyone, welcome back to Daily Crude Oil Price Tracker. I'm your host Vanessa Clark, and today we're diving into a critical moment unfolding in global energy markets that's keeping traders on the edge of their seats.As of yesterday, April 6th, we're seeing crude oil prices remain elevated amid significant geopolitical tensions in the Middle East. The Platts Dubai crude benchmark is trading at 120 dollars and 20 cents per barrel, down from a war peak of 169 dollars and 75 cents just two weeks ago on March 23rd, but still sitting at roughly double pre-war levels around 70 dollars per barrel.Here's what's driving the action. President Trump has set an April 7th deadline for Iran to reopen the Strait of Hormuz, a critical chokepoint that handles about 20 percent of global oil flows during normal times. The conflict, now in its sixth week, has escalated with attacks on energy infrastructure across Iran, Kuwait, Bahrain, Iraq, and the UAE over the past weekend. While the Strait remains largely closed to commercial traffic since the war began on February 28th, there's been some movement. Daily vessel transits have actually doubled in early April, with an average of 12 ships transiting daily over the first five days of April compared to just six ships daily in March.On the futures markets, ICE June Brent futures closed at 108 dollars and 80 cents per barrel on April 6th, while NYMEX May light sweet crude was trading at 111 dollars and 1 cent per barrel. Dated Brent hit its highest value since July 2008, reaching 141 dollars and 37 cents per barrel on April 2nd.Market analysts are watching this situation closely. According to UOB analysts, markets continue to be roiled by unprecedented Middle East geopolitical tensions creating inflation, growth, and oil supply risks. The key question now is whether Trump's deadline will lead to any resolution or further escalation.Stay tuned as we continue monitoring these developments. Thanks so much for listening to Daily Crude Oil Price Tracker. Be sure to subscribe and tune in next time for the latest crude oil market updates.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related