🔶 Oil prices jump following the collapse of a ceasefire between Iran and the United States

🔶 Oil prices jump following the collapse of a ceasefire between Iran and the United States

Global oil prices on Tuesday, 23 Tir, rose significantly after the collapse of a ceasefire between the United States and Iran and U.S. Army threats to resume a maritime blockade of Iran’s ports.

Brent crude oil (the global benchmark) rose 4.8% before the opening of U.S. markets, reaching $87 per barrel, the highest level since June 12.

At the same time, West Texas Intermediate (WTI), the U.S. oil benchmark, increased by 3.6% and was traded at nearly $81 per barrel.

The situation in the Strait of Hormuz—which is of critical importance to the global energy market—has again fallen into uncertainty. Before the war, about one-fifth of the world’s oil passed through this waterway.

Over the weekend, Tehran announced that it had “closed” the waterway, and U.S. President Donald Trump said the United States would now act as the “guardian of the Strait of Hormuz” and receive 20% of the value of their cargo in exchange for protection of commercial vessels.