Oil prices rise amid doubts about the end of the US-Iran conflict
Global oil prices have risen, resulting in significant increases in Brent and WTI futures. This occurred amid strengthening uncertainty regarding the quick resolution of the conflict between the US and Iran.
On Monday, May 11, according to trading data, Brent crude futures for July delivery rose to $105.79 per barrel, increasing by 4.44%, after closing the previous trades at $101.29. WTI futures for June delivery showed an increase of 4.99%, reaching $100.18 per barrel, whereas previously their price was $95.42.
Last week, prices for both brands decreased by more than 6% amid hopes for a resolution of the US-Iran conflict. However, comments from US President Donald Trump regarding Iran’s proposal to stop the war, which he called “absolutely unacceptable,” have exacerbated the situation. The lack of progress in negotiations has become a factor in increasing market tension.
This situation is significant because oil prices have a direct impact on the global economy, particularly on consumer countries, where price increases can provoke inflation. Most Americans remain dissatisfied with Trump’s policy regarding Iran.
| Oil Brand | Date | Price per Barrel, $ | Change, % |
|---|---|---|---|
| Brent (July) | May 11 | 105.79 | +4.44 |
| WTI (June) | May 11 | 100.18 | +4.99 |
