🔻Oil prices rose in global markets

🔻Oil prices rose in global markets

Oil prices at the start of trading today increased by about 1% compared with the previous day. Concerns about the continued supply of oil from the Middle East, and the difficulty of reaching a diplomatic solution to end the U.S.-Iran war, led to this increase.

The price of Brent crude rose by $1.12 (equivalent to 1.3%) to $84.89 per barrel. Yesterday, Brent oil fell by 7% and reached its lowest level in three weeks.

U.S. West Texas Intermediate crude also rose by 77 cents (equivalent to 1%) to $81.11 per barrel. This benchmark had fallen 5% in earlier trading and reached its lowest level in nearly a week.

Oil prices fell after that, after U.S. President Donald Trump said two days ago that he would refrain from new attacks against Iran while negotiations continue to end the war with Iran and resolve the dispute over control of the Strait of Hormuz.

However, Ismail Baghai, spokesperson for Iran’s Ministry of Foreign Affairs, rejected Mr. Trump’s remarks yesterday and said that no negotiations are taking place between Iran and the United States and that no meeting has been scheduled.