Washington (Commerce Desk) — Due to uncertainty arising from the ongoing war situation involving Iran, oil prices in the global market have once again increased, with impacts also being seen on international financial markets.
According to international media, Brent crude oil for June delivery rose by 2.7% to $111.18 per barrel, while July delivery prices increased by 2.6% to $104.33 per barrel.
Data shows that at the end of February, Brent crude oil was priced at around $70 per barrel; however, the current surge has brought it close to levels seen during peak war fears, when it previously reached $119 per barrel.
Reports indicate that the United States is unlikely to accept Iran’s proposal, which includes lifting sanctions in exchange for restoring operations in the Strait of Hormuz, while Iran has also attached conditions related to delaying negotiations over its nuclear program.
On the other hand, according to the American Automobile Association, the average petrol price in the United States has reached $4.18 per gallon, which is the highest level since 2022.
