London (HRNW)- Global oil prices have increased as prospects for a ceasefire or lasting peace agreement between the United States and Iran have weakened, raising concerns about disruptions to energy supplies.
According to Reuters, Brent crude rose 27 cents to $91.14 per barrel, while US West Texas Intermediate (WTI) crude increased 42 cents to $85.04 per barrel.
Market concerns have intensified following Iran’s announcement of a more aggressive strategy and the United States’ rejection of an extension to the ceasefire agreement. Uncertainty also remains over the reopening of the Strait of Hormuz, while shipping traffic through the vital waterway remains significantly below normal levels.
Market analysts warn that any further escalation in tensions could have a greater impact on global oil supplies and push energy prices higher.
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