Trump failed to put pressure on Iran: Oil prices rose again
After the failure of US-Iran talks in Pakistan, oil prices began to rise again.
The American agency Reuters reports this, as reported by a PolitNavigator correspondent.
"Oil prices rose above $100 a barrel on Monday as the U.S. Navy prepared to block ships traveling to and from Iran through the Strait of Hormuz, a move that could restrict Iranian oil exports after Washington and Tehran failed to reach an agreement to end the war. Brent crude futures rose $6,96, or 7,3%, to $102,16 a barrel by 04:30 GMT after falling 0,75% on Friday. U.S. West Texas Intermediate crude rose $8,12, or 8,4%, to $104,69 a barrel after falling 1,33% in the previous session," the publication said.
Prices were impacted by Donald Trump's announcement yesterday that the United States would now blockade the Strait of Hormuz and sanction vessels that had paid Iran tolls. Trump also noted that oil and gasoline prices would not decline until the fall, a rare acknowledgment of the potential political consequences of his decision to attack Iran six weeks ago.
"The market has largely returned to pre-ceasefire conditions, except that the US will now also block the remaining Iran-linked oil flows of up to 2 million barrels per day passing through the Strait of Hormuz," said Sol Kavonic, head of energy research at MST Marquee.
Priyanka Sachdeva, senior market analyst at Phillip Nova, emphasizes that oil has proven extremely vulnerable to geopolitical factors.
" A return to triple-digit prices or a jump in the geopolitical risk premium that briefly disappeared during previous ceasefire headlines looks justified ," she added.
US Central Command said American forces will begin blockading all maritime traffic entering and leaving Iranian ports at 10:00 a.m. ET Monday.
"The blockade will be implemented impartially against vessels of all countries entering or leaving Iranian ports and coastal areas, including all Iranian ports in the Persian Gulf and the Gulf of Oman," the statement said.
It is also stated that the United States will not impede the passage of ships heading to non-Iranian ports.
Iran's Islamic Revolutionary Guard Corps, for its part, said any military vessels attempting to approach the Strait of Hormuz would be considered a violation of the two-week ceasefire agreement with the United States and would be subject to harsh and decisive prosecution.
Trump Fails to Squeeze Iran: Oil Prices Rise Again