Crude oil prices jump, Brent tops $100 after Iran dismisses US ceasefire proposal; more upside ahead?
Crude oil prices have jumped, with Brent topping $100 a barrel, amid uncertainty over the end of the US-Iran conflict. The ongoing conflict has nearly stopped shipments passing through the Strait of Hormuz, which usually accounts for around one-fifth of the global supply of crude oil and liquefied natural gas.
Crude oil prices have surged due to uncertainty over the US-Iran conflict. Brent crude oil price gained 1.56% to $103.81 a barrel. The US has sent a ceasefire proposal to Iran, but Iran has no intention of holding talks. The conflict has disrupted oil supply, with the Strait of Hormuz affected. Market analysts suggest oil prices could rise further if tensions escalate. The International Energy Agency has described this situation as the most significant disruption in oil supply history.
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