Oil prices rise amid Middle East tensions
via Le Matin1 min read
Oil prices have increased following renewed tensions in the Middle East. The American benchmark, West Texas Intermediate WTI, surged by 7.39% to $90.05 per barrel, while Brent crude, the global benchmark, rose by 6.06% to $95.86. This uptick follows a period of optimism last week regarding potential diplomatic de-escalation between Washington and Tehran, which had temporarily eased oil markets. However, this optimism faded after US President Donald Trump announced on Sunday that the US Navy had fired upon and seized an Iranian-flagged cargo ship in the Gulf of Oman. The President also stated that a US delegation would travel to Pakistan on Monday to restart negotiations with Iran, offering a "reasonable deal." He warned that if Tehran refused, "the United States will destroy all power plants and all bridges in Iran." Despite the rise in energy prices, Asian stock markets remained largely positive. Tokyo's Nikkei index gained 0.80% to 58,951 points, and the Topix advanced by 0.65%. In Seoul, the Kospi increased by 0.52%, though Sydney's market declined by 0.40%. On the foreign exchange market, the dollar strengthened by 0.19% against the yen, reaching 158.96 yen per dollar. Gold, typically sought during uncertain times, fell by 1.45% to $4,762 per ounce.
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