Friday 27/March/2026 – 12:16 AM
I jumped Oil prices Yesterday, Thursday, with the mixed messages issued by US President Donald Trump failing to allay fears about the possibility of continuing conflict with Iran in the Middle East.
Oil prices jump above $108 amid tense relations with Iran
According to Bloomberg, Brent crude oil rose by 5.7% to close above $108 a barrel, after Trump’s statements that he did not know whether the United States was “ready” to work with Iran on an agreement.
West Texas Intermediate crude, the first standard for American oil, also rose by 4.6%, amid a limited decline before regaining most of the gains in post-close trading.
These moves came in light of the continued almost complete closure of the Strait of Hormuz, the vital corridor for oil and gas shipping, which led to the loss of millions of barrels per day and an increase in the prices of petroleum products from diesel to jet fuel.
The tensions have particularly affected Asian markets, threatening to increase global inflation rates as a result of supply pressures.
During the past week, the markets witnessed sharp fluctuations with headlines about the course of the US-Israeli war on Iran, and these pressures continued on Thursday, after warnings of a potential threat from the Iran-linked Houthi group in the Bab al-Mandab Strait, one of the few alternatives to the Strait of Hormuz.
In a related context, the US President renewed his threat to Iran to take additional military measures if an agreement is not reached that guarantees the reopening of the Strait of Hormuz and the stability of energy supplies.
These developments reflect the uncertainty in global energy markets, with continued geopolitical risks pressuring prices and affecting global economic stability.
