An assassination attempt on Trump has caused political uncertainty in usa, while wildfires near Fort McMurray in Alberta, Canada have intensified.
After the former president Donald Trump survived an attempted assassination, the political uncertainty in the United States increased, leading to a small increase in ICE Brent crude oil futures in early Asian trading today.
As of 12:00 Beijing time, the September contract price for Brent crude oil futures was $85.18 per barrel, up 15 cents from the settlement price on July 12th, and the contract closed down 37 cents on the same day.
The August contract price for WTI crude oil futures was $82.41 per barrel, up 20 cents from the settlement price on July 12th, and the contract closed down 41 cents on the same day.
On July 14th, Trump survived an assassination attempt at a campaign rally in Pennsylvania after being grazed by a bullet, and the suspected shooter was later killed by US Secret Service agents. One rally attendee died and two other audience members were seriously injured. Trump is expected to receive his party's presidential nomination at the Republican National Convention in Milwaukee, Wisconsin this week.
Wildfires near Fort McMurray, Alberta have escalated and pose a threat to crude oil production in the key oil sands region. According to Alberta wildfire data, 12 wildfires are currently classified as 'out of control,' surrounding the city of Fort McMurray, and three major oil sands mines including the Athabasca Oil Sands area are located nearby.
Despite Saudi Aramco's official price formula increase, demand for August-loading Saudi crude in Europe remains strong. Sources said that refining companies in northwestern Europe and the Mediterranean region may have also nominated all contract volumes to ensure reliable supply of sulfur-containing crude oil during peak season demand. Sulfur-containing crude oil is usually rich in middle distillate oil and has been in short supply in Europe since sanctions were imposed on Russia's medium-sulfur Urals crude oil in December 2022 and exports of similar quality Iraq's Kirkuk crude oil stopped since late March 2023.
(The above content is from Argus, an independent international energy and commodity price assessment agency)