Global oil prices have risen again: key factors
23 April 11:09
Oil prices continue to rise due to the lack of any progress in negotiations between Washington and Tehran, while the Strait of Hormuz remains a hotspot.
This was reported by "Komersant Ukrainian" citing Reuters.
“Brent crude futures rose by $1.26, or 1.2%, to $103.17 per barrel at 06:30 GMT. West Texas Intermediate futures also rose by $1.20, or 1.3%, to $94.16,” the report states.
Both indices closed more than $3 higher on Wednesday following a larger-than-expected drawdown in U.S. gasoline and distillate inventories, as well as a lack of progress in peace talks with Iran.
Analysts at ING (a major Dutch financial and banking holding company that conducts market analysis— Ed.) explain the situation simply: there is no movement toward resolving the conflict.
“The oil market is revising its expectations, and there is almost no progress in finding a solution in the Persian Gulf,” the ING analysts’ note states.
According to them, hope for a resolution is fading as peace talks have reached an impasse.
U.S. President Donald Trump extended the ceasefire between Washington and Tehran at the request of Pakistani mediators; Iran and the U.S. are still restricting the transit of ships through the Strait of Hormuz, through which about 20% of daily global oil supplies were transported before the war began on February 28.
