Khaberni - Global oil prices recorded a new leap today, Wednesday, with increasing market fears of a prolonged closure of the Strait of Hormuz, amidst faltering diplomatic efforts between Washington and Tehran to end the current tension.
Brent crude prices climbed by 5% to stabilize at $116.8 per barrel, continuing its upward journey that began a week ago, while West Texas crude increased by 4.9% to reach $104.8 per barrel, reflecting traders' concerns about a severe shortage in global energy supplies.
These increases follow reports published by the "Wall Street Journal" that revealed President Donald Trump's disappointment with the recent Iranian proposals to end the conflict, and his instructions to his aides to prepare for a prolonged and intensified blockade on Iran.
Economic experts warn that the continued state of "no war, no peace" in the Gulf region will lead to profound negative repercussions on the global economy, as the instability of navigation in the Strait of Hormuz, which is the most important energy artery in the world, contributes to higher shipping and insurance costs and feeds global inflation rates.
