15 Hrs
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عين ليبيا
Oil exceeds $107 amid US-Iran talk uncertainty
Global oil prices rose significantly amid ongoing uncertainty regarding talks between the United States and Iran and the potential reopening of the Strait of Hormuz, raising concerns about inflation as well as stock and bond markets. This increase followed Trump's rejection of an Iranian offer for a seven-day ceasefire, which undermined hopes of de-escalating tensions in the Middle East and resuming shipping through the strait— a key passage for oil transportation— leading to disruptions in global trade and increased inflationary pressures. Brent crude oil surged by more than 2%, surpassing $107 per barrel, while West Texas Intermediate exceeded $94. At the same time, fears of rising inflation grew as the yield on the 10-year U.S. Treasury bond surpassed 5.27%, its highest level in 19 years, causing a decline in Wall Street equities and higher borrowing costs in global markets, as inflationary pressures on the global economy intensified.
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