Fuel oil prices have risen again in the global market

Darwin, 29 April : On Wednesday, international oil prices increased once more following reports that the United States may extend its maritime blockade against Iran.

Ongoing uncertainty over energy supply in the Middle East has kept oil prices on an upward trend for several consecutive days.

In a report, Reuters said that U.S. President Donald Trump has instructed his aides to prepare for expanding sanctions on Iran. The goal is to disrupt shipping to Iranian ports and put pressure on the country’s economy and oil exports.

After the news broke, Brent crude futures rose by 52 cents, or 0.47%, to $111.78 per barrel on Wednesday. This marks the eighth consecutive day of price increases in this market.

Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by 57 cents, or 0.57%, reaching $100.50 per barrel. The previous day, this benchmark had already surged by as much as 3.7%.

According to analysts, the main reason behind the rising oil prices is the ongoing tension and blockade in the Strait of Hormuz. About 20% of the world’s oil and liquefied natural gas passes through this crucial route.

Restrictions on shipping imposed by Iran, along with U.S. efforts to block Iranian ports, are severely disrupting global supply systems.