Based on current estimates, domestic refined oil product prices are scheduled for an adjustment at 24:00 on July 31, with an anticipated increase of 240 yuan per ton. This translates to a rise of 0.18 to 0.22 yuan per liter at the pump.
This follows a price hike that already took place in early July, indicating a potential continuation of an upward trend. The recent surge in global oil prices is a key driver behind this expected adjustment.
Geopolitical Tensions Fuel Oil Price Rally
Tensions in the Middle East have triggered a significant spike in crude oil prices. In early trading on July 19, oil futures saw substantial gains. Brent crude futures surged past $88 per barrel, while West Texas Intermediate (WTI) crude futures broke above $84 per barrel, with both benchmarks climbing more than 2%.
This volatility follows recent developments, including reports that the U.S. military has initiated a new round of airstrikes against Iran. Earlier, Iran's Deputy Foreign Minister, Gharibabadi, stated that Iran has ceased compliance with the U.S.-Iran memorandum of understanding. On the evening of the 18th local time, Iran's Supreme Leader, Mujtaba Khamenei, issued a statement accusing the United States of repeatedly violating commitments within the memorandum and declaring the U.S. President's signature on it "worthless and invalid."
Additionally, U.S. Central Command confirmed via social media on the 18th local time that two U.S. service members were killed in Jordan on the 17th by an attack involving Iranian ballistic missiles and drones.
Crude Futures See Sharp Pre-Market Gains
In the early hours of the 19th, crude oil futures experienced a pronounced pre-market rally. At the time of reporting, WTI futures were up 2.25% to $84.20 per barrel, while Brent crude futures had gained 2.10%, trading at $88.82 per barrel.
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