23 Hrs
Source:
الاقتصادية
Oil rises as US warns of Iran sanctions
Oil prices have risen after the United States threatened to impose a package of economic sanctions on Iran in an effort to force Tehran to reopen the Strait of Hormuz. The price of Brent crude approached $88 per barrel, while West Texas Intermediate increased to around $82, amid ongoing American pressures that include maintaining the maritime blockade on Iranian ports. Despite the tensions, oil continues to exit the Arabian Gulf through the Strait of Hormuz, despite threats and risks of attacks on vessels. Market expectations suggest that oil prices will remain within the range of $80 to $90 per barrel due to the prevailing uncertainty regarding the course of the conflict and raw material supplies. Futures prices for oil have risen more than 5% this week, amid predictions that political tensions will persist and impact global supplies.
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