Oil prices rise for fifth day due to escalating US rhetoric on Iran
Kyiv • UNN
Brent price approached $105 per barrel due to escalating conflict with Iran. The US has tightened its naval blockade and control in the Strait of Hormuz.
Global oil prices continue to rise for the fifth consecutive day amid escalating US rhetoric on Iran and complications in peace talks. This is reported by Bloomberg, writes UNN.
Details
On Thursday, WTI crude exceeded $96 a barrel, while Brent traded near $105. Overall, prices rose by approximately 16% over the week.
According to American officials, harsh statements by US President Donald Trump on social media, as well as the decision to continue the naval blockade of Iranian ports, complicate negotiations with Tehran, which are being conducted through intermediaries, including Pakistan.
Analysts note that the market is pricing in the risk of a protracted conflict.
Tensions are now escalating - the market expects a longer confrontation
Impact of war on the market
Energy markets have remained under pressure since late February, when the conflict led to an almost complete blockade of the Strait of Hormuz - a key route for oil and gas supplies.
New US military actions are having an additional impact on prices. In particular, the American military has tightened control in the region and inspected a supertanker with Iranian oil in the Indian Ocean.