🔺Oil got more expensive amid concern that the war could drag on

▪Oil prices rose on Tuesday, with growing concern about the protracted fighting in the Middle East, after the Islamic Republic warned that it would respond to any new U.S. attack.

▪Brent crude increased by 49 cents to reach $97.49 per barrel. U.S. West Texas Intermediate oil also rose by $1.44 to $92.92 per barrel.

▪This comes while, contrary to what the Islamic Republic imagined, no major shock to the oil market has occurred since the start of the war, and a significant volume of oil is still passing through the Strait of Hormuz.

▪Other producers are also filling the gap left in the Persian Gulf’s oil. The United States, Canada, and Guyana added 1.4 million barrels per day to production this year.