Brent Crude Soars Past USD107 Amid Mideast Crisis
The jump continues a recent trend, with conflict around the Strait of Hormuz—a crucial artery for global oil shipments—already driving prices sharply higher in recent weeks.
Markets remain highly sensitive to any developments in the region. Analysts warn that sustained interruptions in traffic through Hormuz could push oil prices even further.
Thursday’s surge represents a sharp climb from earlier in the month, when Brent closed at $92.69 on March 6 and $91.98 on March 10 amid mounting supply concerns.
While the White House stated that peace talks were ongoing, Tehran rejected US proposals and issued its own conditions, including maintaining sovereign control over the strategic shipping lane.
Rob Kapito, President of investment management firm BlackRock, cautioned Tuesday that “markets may be underestimating the risks stemming from the conflict. He said oil could still rise to $150 a barrel even if the war ended immediately, as supply chains would need time to recover.”
Iran’s Foreign Minister Abbas Araghchi said Wednesday that “no negotiations were taking place with Washington on ending the war,” directly contradicting the White House’s statements.
US President Donald Trump on Thursday described Iranian negotiators as “different and strange,” urging them to “get serious” about the US peace proposal "before it is too late.”
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