Oil prices have risen sharply due to the worsening prospects of peace talks between the US and Iran after the cancellation of the visit of American representatives to Islamabad.
This week, oil prices on the world markets have shown a significant increase. The cost of Brent oil futures increased by 1.35 dollars (1.3%), reaching the mark of 106.68 dollars per barrel. American WTI oil also rose by 95 cents (1%), reaching 95.35 dollars per barrel. The previous week, Brent and WTI added almost 17% and 13% in price, respectively, which is the largest increase since the beginning of the military conflict.
According to The Times of Israel, the reasons for this surge were the disruption of planned visits by US representatives to Islamabad, as well as restrictions on supplies through the Strait of Hormuz, which adds pressure to the market. In particular, President Donald Trump decided to postpone the trip of his representatives Steve Witkoff and Jared Kushner, which negatively affected the possibility of resuming negotiations.
Additionally, the situation was influenced by a series of statements from Trump regarding intentions to more actively control the Strait of Hormuz and possible actions against Iranian ships that lay mines. In previous statements, the US president claimed that Iran had only a few days left before the possible “explosion” of its oil infrastructure.
Experts warn that such developments could impact the global economy, triggering an increase in oil prices and, consequently, costs for consumers. The situation in the Persian Gulf remains tense, and any escalation could have serious consequences for global energy markets.
| Oil Brand | Price Change | Price |
|---|---|---|
| Brent | +1.35$ (1.3%) | 106.68$ per barrel |
| WTI | +0.95$ (1%) | 95.35$ per barrel |
