Crude oil prices jumped sharply once again after the United States rejected Iran’s response to Washington’s latest peace proposal aimed at ending the ongoing war between the two nations. The international benchmark Brent crude rose by 2.69 per cent to $104.01 a barrel by 23:36 GMT on Sunday, extending a 1.23 per cent gain from Friday.
US West Texas Intermediate (WTI) crude was trading at $98.51 a barrel, up $3.09 or 3.24 per cent, after settling 0.64 per cent higher in the previous session.
Oil prices surged higher after hopes for a quick resolution to the US-Iran conflict faded over the weekend.
Analysts believe uncertainty in the supply chain could further disrupt oil flows in the coming days until both sides find a way to de-escalate the hostilities.
The fresh price hike is once again putting pressure on international markets and triggering uncertainty in Asian markets.
The disagreement has raised concerns that oil transit through the Strait of Hormuz may remain restricted, keeping global energy supplies under pressure.
The Strait of Hormuz is one of the world’s most critical shipping routes for crude oil exports. Any prolonged disruption could significantly impact global supply chains and energy prices.
It handles nearly 20 per cent of global oil and energy supplies and remains a lifeline for oil-dependent nations, including India, China, Japan, and South Korea.
Also read: Crude oil prices to remain between $100-110 a barrel until May
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