"Oil prices have been rising as shipping through the strait has essentially stalled since late February. Brent crude oil, the international standard, has gone from roughly $70 US per barrel before the war in late February to more than $119 at times."
"Analysts said global trading was expected to remain turbulent for some time. 'The outcome of the talks was not really what people were hoping for, that's for certain,' Neil Newman, managing director, head of strategy at Astris Advisory Japan, said in Hong Kong."
Oil prices have resumed their climb as the U.S. military prepares to blockade Iranian ports and the Strait of Hormuz. This blockade follows unsuccessful U.S.-Iran ceasefire talks. Oil prices have surged, with Brent crude rising from approximately $70 to over $119 per barrel. Global markets have mostly declined, with significant drops in European indices and U.S. futures. Analysts predict continued turbulence in global trading, citing concerns over the outcome of the ceasefire talks and rising oil prices.
Read at www.cbc.ca
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