Oil prices rose Tuesday as prospects for reaching an agreement to end the war in the Middle East diminished, following Iran's announcement that it will adopt a more offensive stance and the United States ruling out an extension of the ceasefire agreement, heightening concerns over energy supplies. A senior Iranian official told Reuters on Monday that his country decided to shift its policy from defense to 'full offense' due to stalled efforts aimed at reaching a permanent agreement to end the war with the United States, at a time when Washington ruled out extending the temporary ceasefire agreement. Progress in talks to cease the war and resume oil tanker transit through the strategic Strait of Hormuz has come to a standstill, threatening to prolong the conflict initiated by the United States and Israel against Iran on February 28. Brent crude futures climbed 27 cents, or 0.3%, to $91.14 a barrel by 00:03 GMT, after hitting their highest level since July 30 on Monday. U.S. West Texas Intermediate (WTI) crude also rose 42 cents to $85.04 a barrel, after advancing more than 1% earlier in the session to $85.37, its highest level since July 31. Tim Waterer, chief market analyst at KCM, stated: 'Oil prices rose at the start of the week amid escalating tensions in U.S.-Iranian relations. Reaching an agreement to reopen the Strait of Hormuz remains elusive, while the number of transiting vessels continues to be severely limited.'
Oil prices rose Tuesday as prospects for reaching an agreement to end the war in the Middle East diminished, following Iran's announcement that it will adopt a more offensive stance and the United States ruling out an extension of the ceasefire agreement, heightening concerns over energy supplies. A senior Iranian official told Reuters on Monday that his country decided to shift its policy from defense to 'full offense' due to stalled efforts aimed at reaching a permanent agreement to end the war with the United States, at a time when Washington ruled out extending the temporary ceasefire agreement. Progress in talks to cease the war and resume oil tanker transit through the strategic Strait of Hormuz has come to a standstill, threatening to prolong the conflict initiated by the United States and Israel against Iran on February 28. Brent crude futures climbed 27 cents, or 0.3%, to $91.14 a barrel by 00:03 GMT, after hitting their highest level since July 30 on Monday. U.S. West Texas Intermediate (WTI) crude also rose 42 cents to $85.04 a barrel, after advancing more than 1% earlier in the session to $85.37, its highest level since July 31. Tim Waterer, chief market analyst at KCM, stated: 'Oil prices rose at the start of the week amid escalating tensions in U.S.-Iranian relations. Reaching an agreement to reopen the Strait of Hormuz remains elusive, while the number of transiting vessels continues to be severely limited.'
Oil prices rose Tuesday as prospects for reaching an agreement to end the war in the Middle East diminished, following Iran's announcement that it will adopt a more offensive stance and the United States ruling out an extension of the ceasefire agreement, heightening concerns over energy supplies. A senior Iranian official told Reuters on Monday that his country decided to shift its policy from defense to 'full offense' due to stalled efforts aimed at reaching a permanent agreement to end the war with the United States, at a time when Washington ruled out extending the temporary ceasefire agreement. Progress in talks to cease the war and resume oil tanker transit through the strategic Strait of Hormuz has come to a standstill, threatening to prolong the conflict initiated by the United States and Israel against Iran on February 28. Brent crude futures climbed 27 cents, or 0.3%, to $91.14 a barrel by 00:03 GMT, after hitting their highest level since July 30 on Monday. U.S. West Texas Intermediate (WTI) crude also rose 42 cents to $85.04 a barrel, after advancing more than 1% earlier in the session to $85.37, its highest level since July 31. Tim Waterer, chief market analyst at KCM, stated: 'Oil prices rose at the start of the week amid escalating tensions in U.S.-Iranian relations. Reaching an agreement to reopen the Strait of Hormuz remains elusive, while the number of transiting vessels continues to be severely limited.'
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Oil Rises as Hopes Fade for Ending War Between Washington and Tehran
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