Fears of an end to the ceasefire between the USA and Iran are causing oil prices to rise. The US is considering new attacks on Iran, according to a report.
The price of North Sea Brent oil has risen to its highest level in more than four years due to the ongoing blockade of the Strait of Hormuz. North Sea oil Brent rose by up to 7.1 percent to 126.41 dollars per barrel. A barrel (159 liters) for delivery in June cost 126.41 US dollars (107.99 euros), seven percent more than the day before. The last time Brent was this expensive was at the beginning of 2022.
According to a report by the news portal Axios, US President Donald Trump will be informed by his military on Thursday about new plans for a series of military strikes against Iran in order to increase negotiating pressure on Tehran. This increased concerns about further supply bottlenecks given the already restricted exports in the Middle East. “The future course of the Iran conflict remains extremely uncertain,” said Luke Yeaman, chief economist at the Commonwealth Bank of Australia. “All options are still available: escalation, stalemate and peace – with completely different consequences.”
Since the war began at the end of February, oil prices have skyrocketed by more than 60 percent. Iran is blocking most international shipping in the Strait of Hormuz, a key bottleneck for global energy supplies. The US began this month to prevent Iranian ships from continuing their journey. On Wednesday, Trump called on Iran to quickly give in to the deadlocked conflict between the two countries. The main point of contention is Tehran’s nuclear program. There are still no new talks between the USA and Iran in sight. (Reuters)
