International oil prices experienced a significant surge, influenced by escalating tensions in the Middle East and the latest inflation figures from the United States. The price of New York crude oil futures briefly jumped by 4% in after-hours trading, subsequently fluctuating around the $93 per barrel mark.
Concurrently, the international gold price fell below the $4,100 per ounce threshold. A renewed stern stance from the US towards Iran has heightened market concerns about intensifying conflict and a potential tightening of global oil supplies.
At the close of trading, the price for July delivery of West Texas Intermediate crude rose by $1.83 to settle at $90.03 per barrel, marking an increase of 2.07%. The price for August delivery of Brent crude increased by $1.65 to close at $93.10 per barrel, a gain of 1.8%.
Data released by the US Labor Department indicated that the Consumer Price Index for May rose by 4.2% year-over-year, up from 3.8% in April. This represents the highest level since May 2023. This data has spurred market speculation about potential monetary policy tightening by the Federal Reserve, further pressuring international gold prices and driving futures and spot prices below the $4,100 per ounce level.
Domestically, a reduction in fuel prices is anticipated. A new adjustment cycle for refined oil product prices in China is scheduled for June 18th. With two out of the ten working days in the statistical period completed, the current crude oil change rate stands at -2.24%. This indicates an expected price cut of 130 yuan per ton. Based on this projected decrease, prices for gasoline and diesel are forecast to drop by approximately 0.10 to 0.12 yuan per liter.
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