Global oil prices have started to show an increase amid the weakening of the US dollar. Data from the ICE trading platform in London confirms this trend.
At the time of writing this analysis, March futures for Brent crude oil have risen by more than 0.5 percent, reaching $64.49 per barrel. During trading, the price peaked at $64.52, while the minimum price was $63.30.
WTI oil contracts are also keeping pace. In March, their price also increased by more than 0.5 percent, reaching $59.96 per barrel, with a minimum mark of $58.76.
The US dollar index, which reflects the exchange rate of the American currency against a basket of currencies of major trading partners, fell by 0.62 percent, amounting to 98.44 dollars. The decline in currency prices contributes to an increase in demand for commodities, including oil, making them more accessible to buyers.
Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund (IMF), noted that oil prices could rise if the US were to initiate a full-scale military operation in Iran, where mass protests are currently taking place due to the economic crisis. This threat could become key for the global oil market in the near future, as it may lead to a potential blockade of the Strait of Hormuz, through which Middle Eastern crude is supplied to the global market, Gourinchas added.
