"Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump's administration."
"Iran's effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide."
"Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency."
Brent crude oil prices have surged past $104 per barrel due to diminishing hopes for deescalation in the Iran conflict. Tehran has denied any ongoing negotiations with the United States, leading to increased market anxiety. The rise in oil prices follows a brief easing after reports of a potential peace plan from the Trump administration. Iranian officials assert that they are not engaging in direct talks, while the US warns of severe consequences for Iran. The conflict has severely impacted oil supply routes, particularly the Strait of Hormuz.
Read at www.aljazeera.com
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