ArmInfo. Brent crude oil rose more than 3% in Thursday's trading amid new reports regarding the situation in the Middle East.
US Defense Secretary Pete Hegseth stated at a press conference on Thursday that the United States has all the necessary forces to resume hostilities if Iran does not agree to a deal with Washington.
Hegseth also said that the US blockade of Iranian ports will continue until Tehran ceases threatening shipping.
The price of June Brent futures on the London ICE Futures Exchange was $97.88 per barrel as of 6:10 PM Moscow time, up $2.94 (3.1%) from the previous close.
May WTI crude oil futures on the New York Mercantile Exchange (NYMEX) rose by $2.11 (2.31%) to $93.40 per barrel.
Market participants are awaiting the resumption of US-Iran negotiations. The day before, Al Jazeera reported the arrival of a delegation of Pakistani mediators in Tehran to discuss the resumption of US-Iranian talks.
The Strait of Hormuz, a key export route for oil produced in the Persian Gulf, remains effectively closed due to the conflict, which has now entered its seventh week. Iran has kept the route closed to ships from other countries, and this week the US began blocking Iranian tankers from passing through the strait.
According to ING analysts, the blockade of the Strait of Hormuz has reduced global oil supplies by approximately 13 million barrels per day. Barclays analyst Lydia Reinforth estimates supply losses at more than 10 million bpd.
