Global oil prices climbed by more than 2% as prospects for negotiations to end the U.S.-Israeli war against Iran appeared increasingly uncertain. Tehran\u2019s response to Washington\u2019s latest proposal highlighted deep disagreements between the sides and intensified concerns over supply disruptions, Reuters reports.<\/p>\n
As of 11:30 a.m. Kyiv time, July Brent crude futures on the ICE Futures exchange in London rose to $106.93 per barrel, up $2.72 (2.61%) from the previous close.<\/p>\n
June WTI crude futures on the New York Mercantile Exchange (NYMEX) gained $3.03 (3.09%) to reach $101.10 per barrel.<\/p>\n
A day earlier, U.S. President Donald Trump said that a ceasefire with Iran was \u201con life support,\u201d citing disagreements over demands such as ending hostilities, lifting the U.S. naval blockade, restoring Iranian oil exports, and compensation for war-related damages.<\/p>\n
Tehran also insists on its sovereignty over the Strait of Hormuz, through which roughly one-fifth of global oil and liquefied natural gas supplies pass.<\/p>\n
\u201cOptimism about reaching a peace agreement in the near future seems to be fading again, and if we don\u2019t see a deal by the end of May, the upside risks for oil prices will certainly remain relevant,\u201d said Suvro Sarkar, head of the energy sector team at DBS Bank.<\/p>\n
Disruptions linked to the near-total closure of the Strait of Hormuz have forced fuel producers to reduce exports. According to Reuters, OPEC oil production in April fell to its lowest level in more than two decades.<\/p>\n
\u201cA genuine breakthrough toward a peace deal could trigger a sharp drop in prices by $8\u201312, while any escalation of the conflict or renewed blockade threats would quickly push Brent crude above $115 per barrel,\u201d said Tim Waterer, chief market analyst at KCM Trade.<\/p>\n
Saudi Aramco CEO Amin Nasser warned that disruptions to oil exports through the Strait of Hormuz could delay the restoration of market stability until 2027, potentially resulting in the loss of around 100 million barrels of oil per week.<\/p>\n","protected":false},"featured_media":151598,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-151597","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/151597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/151598"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=151597"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=151597"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=151597"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=151597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}