Oil Prices Surge Nearly 2% Amid Stalled US-Iran Peace Talks
Oil prices jump nearly 2% amid stalled peace talks between US, Iran
Business StandardImage: Business Standard
Oil prices rose nearly 2% on Monday due to stalled peace talks between the US and Iran, with Brent crude reaching $107.49 per barrel. The limited shipments through the Strait of Hormuz have tightened global oil supplies, prompting analysts to raise price forecasts for the upcoming quarter.
- 01Brent crude prices increased by 2.05%, reaching $107.49 per barrel.
- 02US West Texas Intermediate rose by 1.88% to $96.17 per barrel.
- 03Last week, Brent and WTI saw gains of nearly 17% and 13%, respectively.
- 04Limited traffic through the Strait of Hormuz is contributing to tight global oil supplies.
- 05Goldman Sachs has raised its fourth-quarter oil price forecasts to $90 for Brent and $83 for WTI.
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Oil prices surged on Monday, with Brent crude futures climbing 2.05% to $107.49 per barrel, while US West Texas Intermediate increased by 1.88% to $96.17 per barrel. This rise comes amid stalled peace negotiations between the US and Iran, following US President Donald Trump's cancellation of a planned trip to Pakistan by his envoys. The limited shipments through the Strait of Hormuz have further tightened global oil supplies, with only one oil products tanker entering the Gulf on Sunday. Last week, both Brent and WTI experienced their largest weekly gains since the onset of the war, with increases of nearly 17% and 13%, respectively. Analysts from Goldman Sachs have adjusted their fourth-quarter price forecasts, predicting $90 per barrel for Brent and $83 for WTI, citing reduced output from West Asia and potential economic risks associated with oil price fluctuations.
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The rise in oil prices could lead to increased fuel costs for consumers and businesses, potentially affecting transportation and goods prices.
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