Markets react to geopolitical uncertainty
Oil prices recorded a sharp increase in early Asian trading on Monday, driven by a lack of progress in US–Iran talks aimed at ending the ongoing conflict in the Middle East, alongside continued disruption to maritime traffic in the Strait of Hormuz.
Shipping activity in the strategically important waterway remains significantly restricted due to what has been described as a dual Iranian and US blockade, adding further pressure to global energy markets.
Brent and WTI climb over 2%
Benchmark crude prices moved higher, with Brent North Sea crude rising by 2.11% to $107.55 per barrel.
At the same time, US benchmark West Texas Intermediate (WTI) increased by 2.14% to $96.42 per barrel.
Market analysts point to heightened geopolitical risk and supply uncertainty as key drivers behind the latest price gains, with traders closely watching developments in the region.
Source: CNA
Also read: Diplomatic thriller in Pakistan: US–Iran talks in jeopardy
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