Tehran, MINA – US benchmark West Texas Intermediate (WTI) crude oil futures jumped more than 3.8% on Tuesday to again hit $100 per barrel as the continued closure of the Strait of Hormuz kept supply concerns at the center of global energy markets, according to Anadolu Agency.
WTI extended gains for a seventh consecutive session, reaching its highest level since early April.
Meanwhile, international benchmark Brent crude oil futures also jumped 2.8% to reach $111.3 per barrel as of 1410GMT.
The latest rally came despite the United Arab Emirates’ unexpected withdrawal from OPEC.
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Analysts said any potential increase in output would do little to calm markets as long as crude flows through the Strait of Hormuz remain severely restricted.
Hormuz normally carries around 20% of global energy flows, making any disruption a major risk for crude, LNG, and refined product markets.
Markets are also focused on US President Donald Trump’s response to Iran’s latest proposal to end the conflict and reopen the strait.
Although a ceasefire has largely held since early April, restrictions imposed by both Iran and the US have reduced traffic through the strait to near zero.
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The conflict, now in its ninth week, has pushed oil prices sharply higher and raised concerns that elevated energy costs could feed through to inflation and demand in major economies.[]
Mi’raj News Agency (MINA)
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