Oil prices rose by more than 3% due to new fears regarding the US-Iran conflict
Kyiv • UNN
Brent and WTI oil prices rose by over 3% due to new disputes between the US and Iran. The market is reacting to the threat to shipping in the Strait of Hormuz.
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.
Details
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."
US and Iran appear to postpone uranium talks - Bloomberg15.05.26, 20:59 • 3458 views