Brent Oil Price Hits $99.39 Amid Ongoing U.S.-Iran Negotiations

AI Summary

Brent crude oil prices surged nearly 5% to close at $99.39 per barrel, while West Texas Intermediate rose almost 4% to settle at $94.69 per barrel. This price increase is attributed to low tanker traffic through the Strait of Hormuz due to the U.S. Navy blockade of Iran and Iranian threats of retaliation. President Trump mentioned that a second round of U.S.-Iran negotiations may take place soon, yet no official date has been set. The ongoing geopolitical tensions and potential supply chain disruptions in this key shipping lane could significantly impact market stability.