FLASH
Shkruar nga Pamfleti
The price of oil on international markets has fallen to the lowest level recorded since before the escalation of the conflict with Iran, while maritime traffic in the Strait of Hormuz is gradually returning to normal.
Brent crude is trading at around $73 a barrel, down from a high of $126 a barrel in late April, when tensions in the Middle East were at their peak. That is the lowest price level since February 27, the day before US and Israeli attacks on Iran led to the de facto closure of the Strait of Hormuz.
The price reduction is expected to bring relief to businesses and consumers, who have faced significant increases in fuel costs in recent months.
Chris Beauchamp, chief markets analyst at IG, said Brent crude is on track to record its biggest monthly decline since 2020.
"This brings relief to consumers around the world, provided that the industry manages to compensate for the shortages created by months of outages. However, this will hit the profits of energy sector companies," he said.
According to reports, around 200 ships have already passed through the Strait of Hormuz following the agreement reached between the United States and Iran to end the conflict.
For the European market, a large part of oil and gasoline imports are based on the reference prices of the Platts platform, which also serves as a reference point for Albania. Although it does not trade oil, Platts publishes indicative prices that are used by refiners, importers and trading companies worldwide.
According to this data, the reference oil price for Albania was $886 per ton on June 24 and increased to $913 per ton on June 25. These prices are reflected with a delay at fuel sales points in the country.
This is because Albanian companies import large quantities of oil, which arrive in the country after several days or weeks. Consequently, if a cargo was purchased when prices were higher, it will be traded on that cost basis even if prices on international markets have fallen in the meantime.
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