"The breakdown of talks between the U.S. and Iran, along with President Trump reportedly rejecting Iran's proposal for a reopening of the Strait of Hormuz, has the market losing hope for any quick resumption in oil flows."
"The U.S. blockade came after Iran effectively blocked the Strait of Hormuz, the waterway through which some 20 per cent of the world's oil formerly passed on its way to customers from producers in the Persian Gulf."
"Soaring oil prices pushed inflation higher in Europe in April. Annual inflation in the 21 countries that use the shared euro currency rose to 3.0 percent."
Brent crude oil prices briefly exceeded $126 per barrel, driven by stalled negotiations between the U.S. and Iran regarding the Strait of Hormuz. Prices for Brent crude for June delivery rose 3.3% to $121.90, while July delivery increased by 1.4% to $112.02. The U.S. blockade of Iranian ports has contributed to rising oil prices. The breakdown of talks has diminished hopes for a quick resolution to the conflict, affecting global oil supply and inflation rates, particularly in Europe.
Read at www.cbc.ca
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