Brent crude, Europe's benchmark, which fell over 2% at the open on Wednesday, erased those losses and closed strongly up over 4% above $108 a barrel. At the close of European markets, Brent was up 4.49% at $108.06. Meanwhile, U.S. intermediate crude (WTI), which traded lower for most of the morning, was up 1.5% at that time to $97.65. At the start of the session, Brent crude had fallen over 2% to a low of $100.34. Experts attributed the oil correction to the semi-autonomous Iraqi region of Kurdistan announcing it would allow the federal Iraqi government to resume oil exports through its pipeline. Nevertheless, after 15:30 local time (14:30 GMT), the barrel touched $110 after a surge that put it at $109.95. Energy prices remain high amid the persistent blockade of traffic in the Strait of Hormuz and new attacks between the United States and Iran against Iran. Additionally, U.S. President Donald Trump stated on Wednesday that his country does not need the Strait of Hormuz and threatened to leave its control to the nations that depend on the strategic oil and gas route and have not heeded his call to guarantee security in the maritime passage. These statements, combined with attacks on installations in the Persian Gulf, have driven up oil prices.
