INTERNATIONAL OIL PRICES SURGE Oil prices surge in Asian trading as prospects for US-Iran negotiations stay uncertain
International oil prices surged in Monday morning trade in Asia, as prospects for U.S.-Iran negotiations stayed uncertain.
As of 03:30 GMT, the West Texas Intermediate for July delivery went up 2.64 percent to 89.67 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for August delivery gained 2.21 percent to 93.13 U.S. dollars a barrel on the London ICE Futures Exchange.
The gains reflect heightened market concerns over uncertainty surrounding the Strait of Hormuz.
As a major international energy transport corridor, the Strait of Hormuz links the Persian Gulf with the Gulf of Oman. Twenty-five percent of global seaborne oil trade passed through the strait in 2025, according to the International Energy Agency.
Iran has effectively closed the strait and barred vessels linked to hostile parties from transiting through the waterway since the United States and Israel launched military strikes on Iran on Feb 28.
The United States imposed a blockade on the strait, preventing ships from transiting to and from Iranian ports, following the failure of Iran-U.S. negotiations in Islamabad to reach an agreement.
