Global crude oil prices surged back above $100 per barrel on Tuesday shortly after Iranian Parliament Speaker Mohammad Ghalibaf rejected US President Donald Trump’s peace talk claims.
According to the latest trends and the intensifying war involving Iran and Lebanon, oil prices are expected to remain above $100 per barrel in the near term, causing economic uncertainty and putting additional strain on struggling economies in Asia.
These prices had come down late on Monday after US President Donald Trump announced that peace talks were ongoing between the two sides.
Brent crude oil prices dropped more than 10 per cent during the intraday trading session, hitting a low of almost $91.70 per barrel from its average trading price of $107 per barrel during the early market hours on Monday.
Besides Brent, the West Texas Intermediate (WTI) crude oil prices also lost more than 9 per cent during the trading session on Monday, dropping to a low of $84.59 per barrel after the postponement of the military strike on Iran’s key energy infrastructure.
The Brent crude oil surged more than 4 per cent higher at $99.78 per barrel, compared to the previous market close.
While the WTI crude oil prices were trading 4.06 per barrel higher at $91.67 per barrel as of 7:37 a.m. (IST).
While Trump has announced not to strike oil and power infrastructure in Iran for five days, after reports confirmed that some friendly countries, including Türkiye, Egypt and Pakistan, had reportedly convinced him not to strike power facilities.
Iran, on the other hand, has warned that if its power sector is attacked, Iranian armed forces will carry out widespread strikes in regional countries and US bases.
Also read: Trump-Netanyahu call sealed strike on Iran's Ali Khamenei
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