On Wednesday, oil prices rose, maintaining their highest levels from June 23, with aiming on freight movement in the Red Sea, fears associated with expensive American customs duties for copper and the expectations of low oil production in the United States.
Brent oil futures increased by 48 cents, or by 0.7 percent, to $ 70.63 per barrel by 08:55 in Greenwich. The American intermediate raw oil in American Western Texas also increased by 51 centers, or by 0.8 percent, to $ 68.84 per barrel.
After the attacks were extended in the Red Sea over the past days for several months in the Red Sea, and the sources indicate that the Khuti Yemen group united with Iran.
On Wednesday, the task was launched to save the charity ship (Erytrett C), which sank into the Red Sea after the attack, which killed at least four crew members. Husites did not require responsibility for the attack.
Expectables of the US Energy Information Administration were also affected by oil prices in their monthly report that the United States produced oil in 2025 less than expected in the past, since reducing prices for American oil prompted their activity to slow down.
The last deposition of the application of customs duties, which was represented by US President Donald Trump, was given some hope for the main commercial partners, Japan, South Korea and the European Union, regarding the possibility of reaching agreements on a reduction in fees, while some small exporters, such as South Africa, and left companies related to the future.
Trump postponed the previous deadline, which was supposed to be planned on August 1, the date that he said on Tuesday was the final.
He added that he would introduce a 50 percent fee for imported copper, and soon the fees will be applied that threaten his imposition on semiconductors and medicines, expanding the sphere of his commercial war, which swinged world markets.
While customs duties caused concerns about the collapse of the demand for oil, a strong demand for a trip on the fourth of July (July) increased the demand for fuel.
In the light of attacks in the Red Sea and high fuel consumption in the United States during the summer holidays, a research note released by PVM of oil mediation said that “the idea of abundation of future supplies should give way to short -term reasons.”
Five sources reported that the manufacturers in the OPEC Plus coalition seek to agree with another significant increase in production for September, continuing to abandon voluntary discounts on production from eight members and allow Emirates to increase production in accordance with an increase in its share.
This happened after the group announced on Saturday, its permission to increase the supply of 548 thousand barrels a day in August.
The Minister of Energy of the UAE Sukhail Al Mazruei said on Wednesday that oil markets are placing an increase in OPEC Plus without a high reserve, which means that they need more rude. He added: “You can see that even with an increase for several months we have not seen a serious accumulation of shares, which means that the market needs these barrels.”
