Global crude oil prices have risen more than 6 per cent, continuing gains on the second straight day following military exchanges between the United States and Iran. Brent Crude, the international benchmark, rose 6.2 per cent in just two days and was trading at $78.78 per barrel on Thursday morning.
Oil prices are expected to gain momentum in the coming days, as both Iran and the United States announced fresh restrictions and a naval blockade in the Strait of Hormuz.
Investors are closely monitoring the situation and any further escalation in West Asia could send prices soaring in the coming days if disruptions continue in the region.
US President Donald Trump, speaking at the NATO summit in Istanbul on Wednesday, said that the ceasefire between America and Iran was “over” as far as he is concerned.
“The ceasefire is over as far as I'm concerned,” said Trump, as per news reports. He also said that America no longer wants to negotiate with “this scum,” saying the United States was wasting time pursuing diplomacy with Iran.
Meanwhile, oil prices on Thursday morning were trading 5.9 per cent higher at $78.54 per barrel. The crude prices gained over 9 per cent in the last five trading sessions.
Overall, energy rates remain 16 per cent lower on a one-month basis and around 17 per cent lower in the last three months on the global market.
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