Oil prices rise amid Iran conflict
Global oil prices rose by more than 1% after the American war against Iran showed no signs of reaching a ceasefire, increasing concerns over energy supplies and the Strait of Hormuz. October Brent crude reached $91.88 per barrel, while West Texas Intermediate rose to $84.89. The increase is attributed to ongoing uncertainty regarding navigation through the strait, with Iran confirming that it will remain closed until the United States commits to the terms of the temporary agreement, while Trump stated that the deal has been terminated. This situation threatens global oil supplies from the fourth quarter of the year through 2027.
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