Oil prices witnessed a noticeable rise today, Thursday, continuing the upward path that it began in the previous session. This increase is due to the stalemate in peace negotiations between Iran and the United States, in conjunction with the two countries continuing to impose restrictions on trade movement through the “Strait of Hormuz.”
At 04:03 GMT, Brent crude futures rose by $1.3, or 1.28%, to reach $103.21 per barrel, after exceeding the $100 barrier for the first time in more than two weeks upon settlement yesterday, Wednesday. West Texas Intermediate crude futures also rose by $1.47, or 1.58%, to record $94.43.
The two benchmark crude oils ended trading yesterday at an increase of more than $3, against the backdrop of a decline in gasoline and distillate stocks in the United States beyond expectations, in addition to the lack of any progress in the “peace talks,” according to Reuters.
