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[BUSINESS] · United States, Iran, Oman, United Arab Emirates, Saudi Arabia · 77 sources

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Oil prices surge amid U.S.-Iran impasse over Strait of Hormuz

Global oil prices have surged, with Brent crude exceeding $90 per barrel, driven by escalating geopolitical tensions in the Middle East. A primary factor is the impasse between the United States and Iran regarding the reopening of the Strait of Hormuz. Iran's top security official, Mohsen Rezaei, has stated that the vital waterway will remain closed unless the U.S. meets specific conditions, including the release of frozen assets. Meanwhile, President Donald Trump has countered by demanding reparations for past conflicts as a condition for any peace deal.

Market volatility is further compounded by reports of reduced shipping traffic through the Strait, which dropped to six vessels on Monday compared to a pre-war average of over 120. Additionally, concerns are mounting over low global energy reserves; U.S. Strategic Petroleum Reserve stocks have fallen to their lowest levels since 1983. While U.S. crude inventories saw a recent increase of approximately 9.1 million barrels, experts warn that the combination of supply disruptions and low stockpiles could lead to significant price spikes and economic instability.

In separate corporate news, the Argentine energy company YPF reported a record-breaking second quarter, achieving a net profit of US$ 1.205 billion, bolstered by high international crude prices.

Entities

Ardea · Carabinieri · Davide Tabarelli · Donald Trump · EIA · Garante per la Sorveglianza Prezzi · Guardia di Finanza · Iran · Iran · Italy · Milan · Ministero delle Imprese e del Made in Italy

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about 6 hours ago
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- Hlavné správy [www.hlavnespravy.sk]
1 day ago