Oil between COVID and the Gulf.

In the last hours there were losses for the BRENT and WTI prices.

The losses are due to two factors: on the one hand, there has been an escalation of tensions between some Gulf countries. On the other hand, the scenario of new variants mitigates the progress made.

The facts are contextualized in a scenario of concerns about the increase in cases of the Delta variant in many countries. This variant has been detected in almost half of China’s provinces in two weeks. For this reason, in many Asian nations they have imposed restrictions to stop the spread of the virus, other countries are taking strict measures to stop the advance. This would affect the demand that the OPEC + countries have sought to supply with greater supply.

One of the factors that has affected is that there has been an escalation of tensions in the Persian Gulf, a strategic area for the oil market. The tensions developed after the British Navy said a ship was safe after a possible hijacking near Iran.

This occurred after an attack allegedly carried out with a drone on an oil tanker that the United States, the United Kingdom and Israel accuse the Islamic Republic of Iran of.

It is not the first time that a similar event has happened, the accusations between Iran and Israel have been continuous about attacks on boats.

NATO and the US have spoken out against Iran’s serious faults for the events.

 Meanwhile, US crude supplies increased by 3.63 million barrels, the biggest gain since March, government data. Key time frames for futures contracts fell in response to weakening fundamentals in supply and demand.

The WTI also closed buy at $ 68.78 a barrel of oil, after registering the lowest levels since July 20, $ 67.74.

The BRENT closed buy at $ 71.10 a barrel of oil, after opening at $ 70.29, registering the lowest value in almost two weeks.