Oil prices rise amid stalled talks

Oil prices rose significantly, with Brent crude increasing by about 1% to reach $89.20 per barrel, and West Texas Intermediate rising to $82.83. This came amidst declining hopes for a peaceful settlement between the United States and Iran and a near-complete halt in oil tanker traffic through the Strait of Hormuz. The developments followed attacks on tankers belonging to Abu Dhabi's ADNOCK company and an Aramco refinery in Saudi Arabia, amid escalating geopolitical tensions. Iran confirmed that it is not willing to resume negotiations until Washington commits to ensuring the safe passage of vessels. Meanwhile, U.S. President Trump called on citizens to bear a temporary rise in fuel prices. Shipping data showed a complete halt in transit through the strait, increasing concerns over a potential reduction in global oil supplies.

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