The oil market is in a fever: prices have risen sharply
фото: Reuters
Oil prices have surged to their highest in more than four years as the Strait of Hormuz remains blocked and the situation around Iran shows no signs of improving.
This is reported by dpa.
Brent crude rose about 7% to more than $126 a barrel, its highest level since early 2022.
Overall, oil prices have risen by more than 70% since the end of February, when the conflict over Iran escalated. American WTI oil is showing similar dynamics.
Experts explain the new jump by the fact that negotiations between the US and Iran have effectively stalled, and no quick resolution to the situation is in sight.
Additional pressure on the market is also being created by the fact that the Strait of Hormuz — one of the world’s key oil supply routes — remains closed for the time being, which raises concerns about a shortage of raw materials.
As a reminder, oil and natural gas prices fell after Iran announced the opening of the Strait of Hormuz. Markets reacted by falling prices amid expectations of reduced risks to energy supplies.
As reported, the United Arab Emirates will withdraw from OPEC and OPEC+ on May 1. This decision could seriously affect the global oil market, as the country was one of the key participants in the organization and an important ally of Saudi Arabia.
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