Global oil prices rose sharply following statements by US President Donald Trump and Iranian Foreign Minister Abbas Araghchi, which heightened doubts regarding a possible settlement of the situation around the Strait of Hormuz. This was reported by Reuters, according to UNN.
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Brent crude futures rose by 3.35% to $109.26 per barrel at the close of trading. American WTI increased by 4.2% to $105.42 per barrel. Over the week, Brent rose in price by almost 8%, and WTI by more than 10%.
Analysts attribute the price jump to uncertainty surrounding the ceasefire in the conflict with Iran and risks to shipping in the Strait of Hormuz, through which a significant portion of global oil supplies passes.
Commerzbank reported a new escalation in rhetoric
The tone between the US and Iran has once again become significantly more confrontational. Although the ceasefire remains in effect, hopes for a swift reopening of the Strait of Hormuz have faded
Iranian Foreign Minister Abbas Araghchi stated on Friday that Tehran "does not trust" the US and is prepared for both a return to hostilities and diplomatic negotiations if Washington demonstrates a "serious approach."
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