"Brent crude futures for June hit $126.41 a barrel before expiry, marking the highest level since March 2022, with a 5.7 percent gain over the week."
"Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that expecting quick results in negotiations is unrealistic, regardless of the mediator involved."
"UN Secretary-General Antonio Guterres warned that prolonged disruption in the Strait of Hormuz could lead to falling global growth and rising inflation."
Brent crude futures reached $126.41, marking a 5 percent weekly increase. Oil prices are rising due to unresolved tensions in the Iran conflict, with Iran blocking the Strait of Hormuz. The US Navy is blockading Iranian ports, impacting crude exports. A ceasefire brokered by Pakistan has been in effect since April 8, but quick resolutions are deemed unrealistic. Iran has threatened retaliation against US actions. The Strait of Hormuz is crucial for global oil and LNG supplies, and disruptions could lead to economic downturns and increased inflation.
Read at www.aljazeera.com
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