Oil hits highest level since US-Iran ceasefire began, as conflict hurts Gulf crude production – business live
Summary
Oil prices reached their highest point since the US and Iran agreed to a ceasefire more than two weeks ago, with Brent crude hitting $107.48 a barrel. Despite the ceasefire extension between Israel and Lebanon announced by President Donald Trump, ongoing tensions and a blockade in the Strait of Hormuz continue to limit oil supply from the Gulf region, pushing prices higher.Key Facts
- Brent crude oil price peaked at $107.48 per barrel, the highest since April 7.
- The US and Iran agreed on a conditional ceasefire and temporary reopening of the Strait of Hormuz on April 7.
- The Strait of Hormuz remains mostly blocked, reducing oil production in the Gulf by more than half since the conflict started.
- Oil prices were around $72 per barrel before the war and reached $199.50 in early March.
- President Donald Trump extended the Israel-Lebanon ceasefire by three weeks but is cautious about rushing a peace deal with Iran.
- Market analysts say oil prices could continue to rise due to ongoing US-Iran tensions and supply concerns.
- The naval blockade by Iran is causing fears of tighter oil supply and increasing prices above $100 per barrel.
- No clear timeline exists for new US-Iran talks, leaving oil markets uncertain.
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