New York (Commerce Desk) — Crude oil prices rose significantly in the global market following a lack of progress in peace talks between Iran and the United States and reports of attacks on oil tankers.
During trading, the price of Brent crude oil increased by $1.45, or 1.67 percent, to $88.52 per barrel, while the price of U.S. crude West Texas Intermediate rose by $1.15 to $82.40 per barrel.
On a weekly basis, Brent crude oil prices are expected to increase by around 6 percent, while WTI is projected to rise by 5.4 percent.
Oil market expert Andrew Lipow said that oil prices rose toward the end of the week due to reports of new attacks and a lack of significant progress in ceasefire negotiations.
He warned that if disruptions to maritime traffic in the Strait of Hormuz continue, the situation could become more serious and develop into a major crisis.