Oil approaches weekly peak amid Iran deal doubts
Oil prices rose significantly following escalating tensions between the United States and Iran, dashing hopes of reaching an agreement to open the Strait of Hormuz. Brent crude settled at $87.81 per barrel, and West Texas Intermediate at $82.20, after both increased by more than 5% on Monday, due to US demands for Iranian compensation and securing the vital maritime route for oil shipping. Analyses confirmed that ongoing threats and potential attacks on the Strait of Hormuz—particularly restrictions on shipping movement—will keep costs high and lead to continued increases in oil prices in the near future. Meanwhile, Saudi Aramco postponed the restart of the Jazan refinery due to Houthi attacks.
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