Oil Prices Hit Three-Week High Amid US-Iran Ceasefire Deadlock
Global crude oil prices climbed to a three-week high for the fourth consecutive day on Thursday, driven by uncertainty over a potential US-Iran ceasefire agreement and concerns about oil shipments through the Strait of Hormuz.
According to Reuters, October-delivery Brent crude futures rose 45 cents, or 0.49%, to $91.47 per barrel. US West Texas Intermediate (WTI) crude also gained 45 cents, or 0.53%, to reach $85.39 per barrel.
By the end of the trading session, Brent crude had risen further to $91.56 per barrel, while WTI stood at around $85.53 per barrel.
Investors are closely watching when the safe passage of commercial vessels through the Strait of Hormuz will return to normal. Reuters reported that shipping activity through the strategic waterway remains significantly below normal levels, with several shipowners avoiding the route because of security risks in the region.
The disruption is also creating difficulties for Russia, while US President Donald Trump is facing growing challenges in maintaining voter confidence ahead of the midterm elections.
Trump has repeatedly accused oil companies of making excessive profits amid rising gasoline prices and has threatened to impose additional taxes on them. Petroleum companies have rejected the allegations.
The Strait of Hormuz is one of the world’s most important maritime routes, carrying more than 20% of global oil and gas supplies. Iran has closed the waterway in response to attacks by the United States and Israel, raising concerns over continued disruptions to global energy markets.
