Oil climbs amid Iran-US meeting delay
Global oil prices rose today after the postponement of a meeting between Iranian and American officials in Switzerland. Brent crude increased by 0.9% to $80.57 per barrel, while West Texas Intermediate climbed by 1.2% to $77.54. Iran announced that arrangements are underway for future talks following the signing of a memorandum of understanding to end the war between the two countries electronically. Additionally, the restoration of navigation through the Strait of Hormuz has reduced pressures on global oil supplies and significantly improved ship traffic flow. The agreement is expected to add more than 85 million barrels to the global markets, amid forecasts that global oil demand will rise to 113.3 million barrels per day by 2030.
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