Oil prices rose by more than 3% due to tensions surrounding Iran
Kyiv • UNN
The price of Brent rose to $104.50 following U.S. shelling of Iranian tankers. The threat of a blockade of the Strait of Hormuz caused a spike in oil prices.
Global oil prices rose by more than 3% amid the escalating situation surrounding Iran and difficulties in negotiations between Tehran and Washington. This was reported by CNN, according to UNN.
Details
The price of Brent crude rose by 3.17% to $104.50 per barrel. American WTI crude increased by 3.21% to approximately $98.48 per barrel.
Markets reacted to statements from the US and Iran regarding negotiations to end the war. US Ambassador to the UN Mike Waltz stated that Washington had defined a "very clear red line" in its latest proposal to Tehran.
US President Donald Trump previously called Iran's response to the American plan "absolutely unacceptable."
The Strait of Hormuz remains under threat
According to CNN, the lack of a peace deal calls into question safe shipping through the Strait of Hormuz, through which approximately one-fifth of the world's oil supply passes.
The Iranian military previously warned countries supporting sanctions against Tehran that their vessels could "face problems" while passing through the strait.
In addition, the US continues its naval blockade of Iranian vessels and ports. According to the television channel, on Friday, the US military opened fire on Iranian oil tankers that were attempting to bypass the blockade.