This morning, Brent crude oil prices on the London Stock Exchange increased by 2.75%, reaching $109.52 per barrel, while West Texas Intermediate (WTI) crude on the New York Stock Exchange rose by 2.1% to $97.52 per barrel.
Azerbaijan’s “Azeri Light” crude is being sold at $113.85 per barrel.
According to reports, U.S. President Donald Trump did not accept Iran’s proposal regarding the reopening of the Strait of Hormuz.
An analytical article published in The New York Times states that the U.S. president’s main objective is the complete dismantling of Iran’s nuclear program, while Tehran firmly rejects this demand.
All these factors have led to the failure of efforts aimed at reopening the Strait of Hormuz. The resulting uncertainty and risks have created favorable conditions for further increases in oil prices among traders.
