"Trump stated he was postponing strikes on Iranian power plants for five days, describing the conversations between the U.S. and Iran as 'very good and productive.'"
"Energy prices have soared over the last three weeks as Iran has restricted access to the Strait of Hormuz, a critical route for global oil exports."
"'$200 a barrel is not outside the realms of possibility in 2026,' analysts at Wood Mackenzie have said, based on a prolonged disruption of Gulf exports."
Oil prices fell significantly after President Trump announced a postponement of military strikes on Iran's energy infrastructure, following productive discussions between the two nations. West Texas Intermediate crude traded below $90, marking a decline of over nine percent. This drop comes after a month of rising prices due to escalating tensions in the Middle East. Trump's military objectives include degrading Iran's military capabilities and protecting U.S. allies. Analysts predict that oil prices could reach $200 a barrel by 2026 if Gulf exports are disrupted for an extended period.
Read at www.cbc.ca
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