Global oil prices are rising as Brent crude climbs above $107 per barrel, driven by escalating tensions in the Middle East and fears of long-term supply disruption. The surge is largely linked to instability around the Strait of Hormuz, a crucial pathway for energy trade where any disruption can quickly impact global markets; prices have jumped sharply from earlier levels this month, reflecting growing uncertainty. Analysts warn that if the situation worsens, oil could climb even higher, with BlackRock president Rob Kapito suggesting prices might reach $150 per barrel even if the conflict ends soon, due to slow recovery of supply chains. Meanwhile, tensions between the United States and Iran remain unresolved, with conflicting statements about peace talks Donald Trump urging Iran to negotiate while Abbas Araghchi insists no talks are taking place leaving markets uncertain and highly sensitive to any new developments.
Source: AA
