Global Market: Oil Prices Rise Frantically
Representational image. Collected.
The United States continues its blockade in the Strait of Hormuz, while Iran remains unyielding. Carrying the weight of its rich history, Iran is unwilling to give up; it is prepared to endure severe blows and launch counterattacks, but it refuses to bow down. Therefore, a permanent path to peace in the Middle East remains elusive.
In these circumtances, tensions have not subsided even after U.S. President Donald Trump extended the ceasefire indefinitely. The impact of this instability has rippled through the global oil market.
Oil prices had dropped significantly when the possibility of a permanent ceasefire agreement between Iran and the U.S. first emerged. After staying stubbornly above $100, the price had fallen to $93.
However, the situation shifted rapidly. The Iranian delegation declined to travel to Pakistan for negotiations, demanding instead that the U.S. lift its blockade on the Strait of Hormuz. The United States has rejected this demand, stating that the blockade will not be lifted without a permanent ceasefire agreement.
Amidst this disagreement, oil prices in the global market are surging uncontrollably. There is currently no sign of this trend slowing down.
At the time of writing this report, Brent crude was priced at $106, while WTI crude rose to $97.