Oil Prices Rise Amid Heightened Middle East Tensions

Deep News05-22 08:30

Oil prices increased during early trading in the Asian market, as supply disruptions are expected to remain elevated due to the highly tense situation in the Middle East. Analysts from ANZ Research noted in a report, "Iranian President Ebrahim Raisi stated that the country will not back down in negotiations with the United States." They added, "The key issues remain the location of Iran's uranium stockpile and control over the Strait of Hormuz." The Strait of Hormuz is a critical waterway through which approximately one-fifth of the world's oil is typically transported. Near-month West Texas Intermediate crude futures rose by 1.4% to $97.67 per barrel, while near-month Brent crude futures increased by 1.9% to $104.49 per barrel.

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