Global crude oil prices surge amid rising US-Iran tensions
Summary
Global crude oil prices surged as US President Donald Trump issued an ultimatum to Iran to reopen the Strait of Hormuz, raising tensions in the energy market.
Key Points
- Global prices of Brent crude have risen by 2.33 percent to $112.63 per barrel on the ICE Exchange in London.
- West Texas Intermediate (WTI) prices increased by 0.2 percent, reaching $112.70 per barrel at the COMEX division in New York.
- US President Donald Trump threatened to destroy Iranian energy facilities if the Strait of Hormuz was not reopened by the deadline of 8 PM on Tuesday.
- Iran remains defiant, with an Iranian minister encouraging youth to form human chains at energy facilities, while Pakistan mediates talks between the US and Iran.
