Vessels in the Strait of Hormuz, observed from Musandam, Oman, on Wednesday. Reuters
Oil prices have continued to rise as traders prepare for what seems to be a lengthy closure of the Strait of Hormuz.
Brent crude, the worldwide oil benchmark, has risen 5% to $116.8 a barrel, continuing a rally that has lasted a week. WTI, the U.S. benchmark, has increased by 4.9% to $104.8 per barrel.
Supply issues have been worsened by the noticeable stalemate in negotiations between the United States and Iran.
President Donald Trump has expressed dissatisfaction with Tehran’s recent offer to conclude the conflict and has directed aides to get ready for a prolonged blockade of Iran, the Wall Street Journal reported Tuesday evening.
“The extended duration of the current state of no-war-but-no-peace is increasingly detrimental to the overall economic outlook,” stated Mohit Kumar, chief European economist at Jefferies
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